Gold Tumbles on Job Data, Fed Expectations
by Christopher Freeburn | September 12, 2013 4:29 pm
[1]Better-than-expected first time unemployment benefit claims last week sent gold down sharply in Thursday trading. Investors interpreted signs of an improving job market as a signal that the Federal Reserve could begin tapering its monthly bond buying in the short term.
Gold futures for December delivery dropped 2.4% to $1,330.60 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,366.20 and as low as $1,325.60. Gold bullion closed in London at $1,328, according to BullionVault[3].
Silver futures for December delivery plunged 4.4% to $22.15 per ounce. Thursday’s high for silver was $23.27, while the low was $22.06.
Gold and silver funds sank in Thursday trading.
- The SPDR Gold Shares (GLD[4]) fell 3.1%.
- The iShares Gold Trust (IAU[5]) dropped 3%.
- The iShares Silver Trust (SLV[6]) tumbled 5.6%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) slid 5.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) plummeted 7.1%.
- The Global X Silver Miners ETF (SIL[9]) plunged 5.2%.
Gold mining shares dropped sharply on Thursday.
- Agnico-Eagle Mines (AEM[10]) declined 5.6%.
- Barrick Gold (ABX[11]) decreased 5.5%.
- Eldorado Gold (EGO[12]) plunged 7.7%.
- Goldcorp (GG[13]) fell 6.5%.
- Kinross Gold (KGC[14]) sank 5.9%.
- Newmont Mining (NEM[15]) moved down 4.2%.
- NovaGold Resources (NG[16]) waned 2.2%.
- Yamana Gold (AUY[17]) slid 4.6%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE[18]) sank 4.5%.
- Hecla Mining (HL[19]) dropped 5.1%.
- Pan American Silver (PAAS[20]) fell 4.7%.
- Silver Wheaton (SLW[21]) declined 5.2%.
- Silver Standard Resources (SSRI[22]) plunged 7.9%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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