Gold Drops as Yellen Nod Boosts U.S. Dollar
by Christopher Freeburn | October 9, 2013 4:34 pm
[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.
- The SPDR Gold Shares (GLD[5]) fell 1%.
- The iShares Gold Trust (IAU[6]) sank 1.1%.
- The iShares Silver Trust (SLV[7]) dropped 2.1%.
Mining ETFs were mostly lower during the day.
- The Market Vectors Gold Miners ETF (GDX[8]) rose 0.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) sank 1.2%.
- The Global X Silver Miners ETF (SIL[10]) fell 0.3%.
Gold mining shares were mixed on Wednesday.
- Agnico-Eagle Mines (AEM[11]) dipped 0.5%.
- Barrick Gold (ABX[12]) edged up 0.1%.
- Eldorado Gold (EGO[13]) gained 0.2%.
- Goldcorp (GG[14]) rose 0.3%.
- Kinross Gold (KGC[15]) slipped 0.2%.
- Newmont Mining (NEM[16]) added 0.6%.
- NovaGold Resources (NG[17]) tumbled 6.4%.
- Yamana Gold (AUY[18]) added 1.3%.
Silver mining shares sank during the day.
- Coeur d’Alene Mines (CDE[19]) slid 0.7%.
- Hecla Mining (HL[20]) added 1.5%.
- Pan American Silver (PAAS[21]) fell 0.7%.
- Silver Wheaton (SLW[22]) dipped 0.6%.
- Silver Standard Resources (SSRI[23]) dropped 3.9%.
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.
Industrial[25], Precious Metals[26]
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- to replace Ben Bernanke as chairman of the U.S. Federal Reserve: https://investorplace.com/investorpolitics/yellen-gets-nod-for-fed-chair/
- 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/
- Industrial: https://investorplace.com/industries/industrial/
- Precious Metals: https://investorplace.com/industries/industrial/precious-metals/
Source URL: https://investorplace.com/2013/10/gold-drops-yellen-nod-boosts-u-s-dollar/