Gold Drops as Yellen Nod Boosts U.S. Dollar

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

Gold Silver GLD IAU SLV[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.

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