Gold Slips on Profit-Taking

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

Gold Silver GLD IAU SLV[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.

Mining ETFs dropped during the day.

Gold stocks pulled back on Wednesday.

Silver mining shares retreated during the day.

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.

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