Gold Slides As U.S. Dollar Rebounds

by Christopher Freeburn | November 7, 2013 4:34 pm

Gold Silver GLD IAU SLV[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.

Mining ETFs moved lower during the day.

Gold stocks pulled back on Thursday.

Silver mining shares retreated 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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