Gold Slips Again as Taper Fears Grow

by Christopher Freeburn | November 11, 2013 4:22 pm

PreciousMetalsRecap Gold Slips Again as Taper Fears Grow[1]Gold sank slightly on Veterans Day as investors digested last week’s unexpectedly positive October jobs report in the U.S. and an interest rate cut by the European Central Bank.

Economists were surprised by Friday’s employment report, which showed the U.S. adding 204,000 new jobs last month, despite a lengthy U.S. government shutdown. The news raised fears that the Federal Reserve might begin pulling back on its monthly bond-buying earlier than anticipated.

Gold futures for December delivery declined 0.3% to $1,281.10 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,288.80 and as low as $1,278.10. Bullion closed in London at $1,284, according to BullionVault[3].

Silver futures for December dipped 0.2% to $21.28 per ounce. Monday’s high for silver was $21.45, while the low was $21.23.

Metal funds edged lower in Monday trading.

Mining ETFs were mostly sank during the day.

Gold stocks were mixed on Monday.

Silver mining shares were also mixed 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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