Gold Drops Again on Jobless Claims, Wholesale Prices
by Christopher Freeburn | November 21, 2013 4:28 pm
[1]Gold extended yesterday’s losses, falling sharply Thursday for a second consecutive session on better economic news.
A report from the Labor Department indicated that first-time unemployment claims fell more than expected last week. Separately, the government said that U.S. wholesale prices slid a seasonally adjusted 0.2% last month. That marked the second straight month that wholesale prices have declined and followed yesterday’s announcement that consumer prices dipped 0.1% in October. Both reports weaken gold’s appeal as an inflation hedge.
Gold futures for December delivery sank 1.1% to $1,243.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,250 and as low as $1,235.80. Bullion closed in London at $1,245, according to BullionVault.
Silver futures for December declined 0.6% to $19.93 per ounce. Thursday’s high for silver was $20.05, while the low was $19.71.
Metal funds were mixed in Thursday trading.
- The SPDR Gold Shares (GLD[2]) slipped 0.2%.
- The iShares Gold Trust (IAU[3]) dipped 0.1%.
- The iShares Silver Trust (SLV[4]) rose 0.6%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX[5]) dropped 1.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[6]) sank 0.7%.
- The Global X Silver Miners ETF (SIL[7]) slid 0.9%.
Gold stocks sank on Thursday.
- Agnico-Eagle Mines (AEM[8]) decreased 2.2%.
- Barrick Gold (ABX[9]) moved lower 1.9%.
- Eldorado Gold (EGO[10]) fell 1%.
- Goldcorp (GG[11]) slid 0.8%.
- Kinross Gold (KGC[12]) waned 1.3%.
- Newmont Mining (NEM[13]) dipped 1.9%.
- NovaGold Resources (NG[14]) dropped 1.8%.
- Yamana Gold (AUY[15]) declined 1.1%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE[16]) inched down 0.1%.
- Hecla Mining (HL[17]) fell 1.3%.
- Pan American Silver (PAAS[18]) dropped 1.9%.
- Silver Wheaton (SLW[19]) sank 0.4%.
- Silver Standard Resources (SSRI[20]) slid 1.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[21] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- 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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