Gold Slips Again as Taper Fears Grow

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

Gold Slips Again as Taper Fears Grow

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/11/gold-slips-taper-fears-grow/
Short URL: http://invstplc.com/1nzFvGe