Gold Drops Amid November Retail Sales Gain

by Christopher Freeburn | December 12, 2013 4:24 pm

Gold Drops Amid November Retail Sales Gain

PreciousMetalsRecap Gold Drops Amid November Retail Sales Gain[1]Gold fell in Thursday trading after the government reported better-than-expected U.S. retail sales in November. The news sent the U.S. dollar climbing against other currencies.

The Commerce Department said that retail sales grew 0.7% last month, outpacing economists’ forecasts[2] and suggesting a strengthening economy. The improving economic news added weight to growing speculation that the Federal Reserve could begin tapering its monthly stimulus as early as this month.

Gold futures for February slid 2.6% to $1,224.90 per ounce on Thursday, according to CME Group[3]. Gold traded as high as $1,256.50 and as low as $1,222.60. Bullion closed in London at $1,229, according to BullionVault[4].

Silver futures for March delivery tumbled 4.4%, to $19.45 per ounce. Thursday’s high for silver was $20.35, while the low was $19.41.

Metal funds sank on Thursday.

Mining ETFs faded during the day.

Gold stocks mostly declined on Thursday.

Silver mining shares mostly 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[24] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. outpacing economists’ forecasts: http://investorplace.com/2013/12/november-retail-sales-improve-expected/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/12/gold-drops-november-retail-sales-gain/
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