Gold Slips Despite Continuing Government Shutdown

Gold and silver slipped, while miners mostly sank

   

PreciousMetalsRecap Gold Slips Despite Continuing Government ShutdownAfter jumping sharply during the prior session, gold fell back marginally in Thursday trading. The metal’s retreat came even as the nation entered the third day of a U.S. government shutdown. Gold has fallen in three of the last four trading sessions.

Gold futures for December delivery dipped 0.2% to $1,317.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,322.80 and as low as $1,302. Bullion closed in London at $1,320, according to BullionVault.

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Silver futures for December delivery slid 0.5% to $21.79 per ounce. Thursday’s high for silver was $21.86, while the low was $21.44.

Metal funds moved slightly higher in Wednesday trading.

  • The SPDR Gold Shares (GLD) edged up 0.1%.
  • The iShares Gold Trust (IAU) rose 0.2%.
  • The iShares Silver Trust (SLV) was unchanged.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 0.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 1.3%.
  • The Global X Silver Miners ETF (SIL) moved lower 0.9%.

Gold mining shares pulled back on Thursday.

  • Agnico-Eagle Mines (AEM) slipped 1.2%.
  • Barrick Gold (ABX) fell 1.7%.
  • Eldorado Gold (EGO) dropped 2.1%.
  • Goldcorp (GG) declined 1.1%.
  • Kinross Gold (KGC) fell 0.6%.
  • Newmont Mining (NEM) moved down 2.1%.
  • NovaGold Resources (NG) slid 2.2%.
  • Yamana Gold (AUY) waned 2.1%.

Silver mining shares mostly fell during the day.

  • Coeur d’Alene Mines (CDE) sank 1.4%.
  • Hecla Mining (HL) rose 0.3%.
  • Pan American Silver (PAAS) dropped 1.8%.
  • Silver Wheaton (SLW) slid 1.5%.
  • Silver Standard Resources (SSRI) tumbled 3.6%.

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


Article printed from InvestorPlace Media, http://investorplace.com/2013/10/gold-slips-despite-continuing-government-shutdown/.

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