Gold Slides As U.S. Dollar Rebounds
by Christopher Freeburn | November 7, 2013 4:34 pm
[1]The euro fell sharply against the U.S. dollar in Thursday trading after the European Central Bank cut a key interest rate. The surging dollar pressured gold, which sank modestly during the session, giving back almost all of yesterday’s gain.
Coeur d’Alene Mines (CDE[2]) led a down day for silver miners, falling sharply after it reported quarterly results that missed Wall Street expectations.
Gold futures for December delivery slid 0.7% to $1,308.50 per ounce on Thursday, according to CME Group[3]. Gold traded as high as $1,326 and as low as $1,296. Bullion closed in London at $1,309, according to BullionVault[4].
Silver futures for December moved down 0.5% to $21.66 per ounce. Thursday’s high for silver was $22.02, while the low was $21.38.
Metal funds sank in Thursday trading.
- The SPDR Gold Shares (GLD[5]) decreased 0.8%.
- The iShares Gold Trust (IAU[6]) slipped 0.8%.
- The iShares Silver Trust (SLV[7]) fell 0.8%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX[8]) declined 2.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) dropped 3.9%.
- The Global X Silver Miners ETF (SIL[10]) sank 2.8%.
Gold stocks pulled back on Thursday.
- Agnico-Eagle Mines (AEM[11]) fell 1.9%.
- Barrick Gold (ABX[12]) dipped 0.8%.
- Eldorado Gold (EGO[13]) plunged 5.4%.
- Goldcorp (GG[14]) dropped 3%.
- Kinross Gold (KGC[15]) sank 3.3%.
- Newmont Mining (NEM[16]) slid 2.1%.
- NovaGold Resources (NG[17]) tumbled 5%.
- Yamana Gold (AUY[18]) declined 3.2%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines plummeted 9.8%.
- Hecla Mining (HL[19]) fell 2.3%.
- Pan American Silver (PAAS[20]) dropped 3.6%.
- Silver Wheaton (SLW[21]) slid 3.4%.
- Silver Standard Resources (SSRI[22]) dipped 1.1%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/11/rebounding-u-s-dollar-sends-gold-lower/