Gold moved lower in Wednesday trading as investors cashed in on yesterday’s sharp gains. The metal followed crude oil — which sank to its lowest price-per-barrel since July on rising U.S. inventories — despite continued weakness in the U.S. dollar after Tuesday’s dismal jobs report.
Gold futures for December delivery slid 0.6% to $1,334 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,342.20 and as low as $1,328.50. Bullion closed in London at $1,335, according to BullionVault.
Silver futures for December fell 0.8% to $22.62 per ounce. Wednesday’s high for silver was $22.82, while the low was $22.50.
Metal funds waned in Wednesday trading.
- The SPDR Gold Shares (GLD) fell 0.5%.
- The iShares Gold Trust (IAU) dipped 0.4%.
- The iShares Silver Trust (SLV) sank 0.5%.
Mining ETFs dropped during the day.
- The Market Vectors Gold Miners ETF (GDX) slid 3.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) moved down 3.2%.
- The Global X Silver Miners ETF (SIL) decreased 3.2%.
Gold stocks pulled back on Wednesday.
- Agnico-Eagle Mines (AEM) sank 2.8%.
- Barrick Gold (ABX) slipped 1.6%.
- Eldorado Gold (EGO) was unchanged.
- Goldcorp (GG) fell 2.3%.
- Kinross Gold (KGC) dropped 4.2%.
- Newmont Mining (NEM) slid 4.1%.
- NovaGold Resources (NG) moved down 2.9%.
- Yamana Gold (AUY) declined 2.6%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE) tumbled 5%.
- Hecla Mining (HL) dropped 3.8%.
- Pan American Silver (PAAS) sank 3.7%.
- Silver Wheaton (SLW) fell 2.2%.
- Silver Standard Resources (SSRI) slid 3.8%.
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.