Gold Slips on Profit-Taking

by Christopher Freeburn | October 23, 2013 4:15 pm

[1]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[2]. 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[3].

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[4]) fell 0.5%.
• The iShares Gold Trust (IAU[5]) dipped 0.4%.
• The iShares Silver Trust (SLV[6]) sank 0.5%.

Mining ETFs dropped during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) slid 3.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) moved down 3.2%.
• The Global X Silver Miners ETF (SIL[9]) decreased 3.2%.

Gold stocks pulled back on Wednesday.

• Agnico-Eagle Mines (AEM[10]) sank 2.8%.
• Barrick Gold (ABX[11]) slipped 1.6%.
• Eldorado Gold (EGO[12]) was unchanged.
• Goldcorp (GG[13]) fell 2.3%.
• Kinross Gold (KGC[14]) dropped 4.2%.
• Newmont Mining (NEM[15]) slid 4.1%.
• NovaGold Resources (NG[16]) moved down 2.9%.
• Yamana Gold (AUY[17]) declined 2.6%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE[18]) tumbled 5%.
• Hecla Mining (HL[19]) dropped 3.8%.
• Pan American Silver (PAAS[20]) sank 3.7%.
• Silver Wheaton (SLW[21]) fell 2.2%.
• Silver Standard Resources (SSRI[22]) slid 3.8%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2013/10/gold-slips-profit-taking/

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