Gold Slips on U.S. Dollar Rally

Mining stocks declined across the board

   

Gold Slips on U.S. Dollar Rally

PreciousMetalsRecap Gold Slips on U.S. Dollar RallyA strengthening U.S. dollar pushed gold modestly lower in Tuesday trading. The dollar climbed against other currencies as the U.S. Federal Reserve kicked off its two-day Federal Open Markets Committee meeting.

Economists expect the Fed to delay any reduction in its monthly bond-buying until next year due to a flurry of recent reports showing continued weakness in U.S. hiring and economic growth.

11103054 gold bullion 200x200 Gold Slips on U.S. Dollar Rally
Gold Stocks Are Shining Again

Gold futures for December delivery sank 0.5% to $1,345.50 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,360.40 and as low as $1,339.80. Bullion closed in London at $1,349, according to BullionVault.

Silver futures for December moved down 0.2% to $22.49 per ounce. Tuesday’s high for silver was $22.63, while the low was $22.30.

Metal funds were mostly lower in Tuesday trading.

  • The SPDR Gold Shares (GLD) fell 0.6%.
  • The iShares Gold Trust (IAU) dipped 0.5%.
  • The iShares Silver Trust (SLV) was flat.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 2.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 4.1%.
  • The Global X Silver Miners ETF (SIL) declined 2.8%.

Gold stocks pulled back on Tuesday.

  • Agnico-Eagle Mines (AEM) dropped 4.2%.
  • Barrick Gold (ABX) sank 2.4%.
  • Eldorado Gold (EGO) fell 4.1%.
  • Goldcorp (GG) slid 3.1%.
  • Kinross Gold (KGC) moved down 2.4%.
  • Newmont Mining (NEM) decreased 1.5%.
  • NovaGold Resources (NG) declined 2.6%.
  • Yamana Gold (AUY) tumbled 4.5%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 3.3%.
  • Hecla Mining (HL) slid 2.1%.
  • Pan American Silver (PAAS) dropped 4.3%.
  • Silver Wheaton (SLW) sank 1.6%.
  • Silver Standard Resources (SSRI) plunged 5.1%.

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-u-s-dollar-rally/.

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