Gold Sinks on U.S. Dollar Rally

Silver edged down and miners mostly followed

   

PreciousMetalsRecap Gold Sinks on U.S. Dollar RallyA strengthening U.S. dollar sent gold lower in Friday trading. The dollar advanced against the euro, pushing the metal to is weakest pricing since the middle of last month. Gold ended the week down 3%.

Gold futures for December delivery slid 0.8% to $1,323.70 per ounce on Friday, according to CME Group. Gold traded as high as $1,327.30 and as low as $1,305.60. Bullion closed in London at $1,317, according to BullionVault.

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Silver futures for December dipped 0.1% to $21.84 per ounce. Friday’s high for silver was $22, while the low was $21.71.

Metal funds sank in Friday trading.

  • The SPDR Gold Shares (GLD) slipped 0.6%.
  • The iShares Gold Trust (IAU) fell 0.6%.
  • The iShares Silver Trust (SLV) edged down 0.1%.

Mining ETFs dropped during the day.

  • The Market Vectors Gold Miners ETF (GDX) declined 4.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 3.1%.
  • The Global X Silver Miners ETF (SIL) sank 3.2%.

Gold stocks declined on Friday.

  • Agnico-Eagle Mines (AEM) slid 2.1%.
  • Barrick Gold (ABX) plunged 7.1%.
  • Eldorado Gold (EGO) moved down 2.5%.
  • Goldcorp (GG) sank 4.4%.
  • Kinross Gold (KGC) fell 4.9%.
  • Newmont Mining (NEM) dropped 4.7%.
  • NovaGold Resources (NG) waned 2.3%.
  • Yamana Gold (AUY) tumbled 6%.

Silver mining shares mostly retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 3.7%.
  • Hecla Mining (HL) climbed 0.6%.
  • Pan American Silver (PAAS) dropped 3.3%.
  • Silver Wheaton (SLW) sank 2.9%.
  • Silver Standard Resources (SSRI) slid 1.3%.

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/2013/11/gold-sinks-continued-u-s-dollar-rally/.

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