Gold Drops Again on Jobless Claims, Wholesale Prices

by Christopher Freeburn | November 21, 2013 4:28 pm

Gold Silver GLD IAU SLV[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.

Mining ETFs moved lower during the day.

Gold stocks sank on Thursday.

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[21] contributed to this report.

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