Gold Drops as Yellen Nod Boosts U.S. Dollar

by Christopher Freeburn | October 9, 2013 4:34 pm

PreciousMetalsRecap Gold Drops as Yellen Nod Boosts U.S. Dollar[1]The nomination of Janet Yellen to replace Ben Bernanke as chairman of the U.S. Federal Reserve[2] sent the U.S. dollar up against other currencies and gold down in Wednesday trading.

Gold futures for December delivery dropped 1.3% to $1,307.20 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,323.30 and as low as $1,294.60. Bullion closed in London at $1,308, according to BullionVault[4].

Silver futures for December delivery slid 2.5% to $21.89 per ounce. Wednesday’s high for silver was $22.41, while the low was $21.75.

Metal funds declined in Wednesday trading.

Mining ETFs were mostly lower during the day.

Gold mining shares were mixed on Wednesday.

Silver mining shares sank during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. to replace Ben Bernanke as chairman of the U.S. Federal Reserve: http://investorplace.com/investorpolitics/yellen-gets-nod-for-fed-chair/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/10/gold-drops-yellen-nod-boosts-u-s-dollar/
Short URL: http://invstplc.com/1nyHvyk