Gold Drops for Third Consecutive Session

by Christopher Freeburn | September 24, 2013 4:28 pm

[1]Continued 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[2]. 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[3].

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[4]) added 0.1%.
• The iShares Gold Trust (IAU[5]) gained 0.2%.
• The iShares Silver Trust (SLV[6]) moved higher 0.5%.

Gold and silver mining ETFs mostly fell during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) rose 0.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) slid 0.3%.
• The Global X Silver Miners ETF (SIL[9]) sank 1%.

Gold mining shares were mixed on Tuesday.

• Agnico-Eagle Mines (AEM[10]) slipped 0.1%.
• Barrick Gold (ABX[11]) climbed 1.1%.
• Eldorado Gold (EGO[12]) fell 0.7%.
• Goldcorp (GG[13]) added 0.4%.
• Kinross Gold (KGC[14]) sank 2.5%.
• Newmont Mining (NEM[15]) rose 0.4%.
• NovaGold Resources (NG[16]) dropped 1.8%.
• Yamana Gold (AUY[17]) dipped 0.1%.

Silver mining shares sank during the day.

• Coeur d’Alene Mines (CDE[18]) fell 3%.
• Hecla Mining (HL[19]) moved down 0.6%.
• Pan American Silver (PAAS[20]) declined 0.7%.
• Silver Wheaton (SLW[21]) retreated 0.4%.
• Silver Standard Resources (SSRI[22]) slid 0.5%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2013/09/gold-drops-for-third-consecutive-session-2/

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