Gold Drops for Third Consecutive Session

Kinross Gold, NovaGold among bigger losers Tuesday

   

PreciousMetalsRecap Gold Drops for Third Consecutive SessionContinued uncertainty over exactly when the Federal Reserve will begin reducing its monthly bond-buying helped gold trading waver Tuesday, and the metal settled lower for a third straight session.

Gold futures for December delivery fell 0.8% to $1,316.30 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,329.40 and as low as $1,305.50. Gold bullion closed in London at $1,324, according to BullionVault.

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Silver futures for December delivery dropped 1.2% to $21.59 per ounce. Tuesday’s high for silver was $22.04, while the low was $21.33.

Gold and silver funds edged higher in Tuesday trading.

  • The SPDR Gold Shares (GLD) added 0.1%.
  • The iShares Gold Trust (IAU) gained 0.2%.
  • The iShares Silver Trust (SLV) moved higher 0.5%.

Gold and silver mining ETFs mostly fell during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 0.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 0.3%.
  • The Global X Silver Miners ETF (SIL) sank 1%.

Gold mining shares were mixed on Tuesday.

  • Agnico-Eagle Mines (AEM) slipped 0.1%.
  • Barrick Gold (ABX) climbed 1.1%.
  • Eldorado Gold (EGO) fell 0.7%.
  • Goldcorp (GG) added 0.4%.
  • Kinross Gold (KGC) sank 2.5%.
  • Newmont Mining (NEM) rose 0.4%.
  • NovaGold Resources (NG) dropped 1.8%.
  • Yamana Gold (AUY) dipped 0.1%.

Silver mining shares sank during the day.

  • Coeur d’Alene Mines (CDE) fell 3%.
  • Hecla Mining (HL) moved down 0.6%.
  • Pan American Silver (PAAS) declined 0.7%.
  • Silver Wheaton (SLW) retreated 0.4%.
  • Silver Standard Resources (SSRI) slid 0.5%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2013/09/gold-drops-for-third-consecutive-session-2/.

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