Gold Falls While Equities Surge

by Christopher Freeburn | November 18, 2013 4:30 pm

Gold Silver GLD IAU SLV[1]Rising equities markets around the world undercut gold’s attractiveness to investors, sending the precious metal down in Monday trading.

The Dow Jones Industrial Average and S&P 500 hit record highs early in the session — with the DJIA breaking through the 16,000 mark for the first time ever. However, gains sputtered in the afternoon and the DJIA closed below its high mark, while the S&P 500 drifted into negative territory. Equities markets in Europe closed higher.

Gold futures for December delivery dropped 1.2% to $1,272.30 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,289.20 and as low as $1,269.20. Bullion closed in London at $1,276, according to BullionVault[3].

Silver futures for December fell 1.8% to $20.36 per ounce. Monday’s high for silver was $20.80, while the low was $20.29.

Metal funds pulled back in Monday trading.

Mining ETFs moved lower during the day.

Gold stocks sank on Monday.

Silver mining shares declined 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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