Gold Slips on U.S. Dollar Rally
by Christopher Freeburn | October 29, 2013 4:11 pm
[1]A 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.
Gold futures for December delivery sank 0.5% to $1,345.50 per ounce on Tuesday, according to CME Group[2]. 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[3].
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[4]) fell 0.6%.
- The iShares Gold Trust (IAU[5]) dipped 0.5%.
- The iShares Silver Trust (SLV[6]) was flat.
Mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) slid 2.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) tumbled 4.1%.
- The Global X Silver Miners ETF (SIL[9]) declined 2.8%.
Gold stocks pulled back on Tuesday.
- Agnico-Eagle Mines (AEM[10]) dropped 4.2%.
- Barrick Gold (ABX[11]) sank 2.4%.
- Eldorado Gold (EGO[12]) fell 4.1%.
- Goldcorp (GG[13]) slid 3.1%.
- Kinross Gold (KGC[14]) moved down 2.4%.
- Newmont Mining (NEM[15]) decreased 1.5%.
- NovaGold Resources (NG[16]) declined 2.6%.
- Yamana Gold (AUY[17]) tumbled 4.5%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE[18]) fell 3.3%.
- Hecla Mining (HL[19]) slid 2.1%.
- Pan American Silver (PAAS[20]) dropped 4.3%.
- Silver Wheaton (SLW[21]) sank 1.6%.
- Silver Standard Resources (SSRI[22]) plunged 5.1%.
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.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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