Gold tumbled in Thursday trading, a day after the U.S. Federal Reserve announced plans to begin scaling back its monthly bond-buying by $10 billion a month.
The metal fell to its lowest close since August 2010 in heavy trading. Silver joined gold, falling sharply during the day.
Gold futures for February delivery dropped 3.4% to $1,193.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,226 and as low as $1,191.60. Bullion closed in London at $1,193, according to BullionVault.
Silver futures for March delivery sank 4.4%, to $19.19 per ounce. Thursday’s high for silver was $19.91, while the low was $19.10.
Metal funds fell on Thursday.
- The SPDR Gold Shares (GLD) slid 2.4%.
- The iShares Gold Trust (IAU) dropped 2.4%.
- The iShares Silver Trust (SLV) sank 3.1%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX) fell 1.7%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) slumped 3%.
- The Global X Silver Miners ETF (SIL) declined 1.6%.
Gold stocks mostly declined on Thursday.
- Agnico-Eagle Mines (AEM) dropped 2.3%.
- Barrick Gold (ABX) slid 2%.
- Eldorado Gold (EGO) dipped 0.9%.
- Goldcorp (GG) waned 1.5%.
- Kinross Gold (KGC) fell 2.2%.
- Newmont Mining (NEM) moved down 1.6%.
- NovaGold Resources (NG) climbed 0.9%.
- Yamana Gold (AUY) pulled back 1.6%.
Silver mining shares sank during the day.
- Coeur d’Alene Mines (CDE) retreated 1.7%.
- Hecla Mining (HL) dipped 0.8%.
- Pan American Silver (PAAS) fell 0.8%.
- Silver Wheaton (SLW) declined 1.8%.
- Silver Standard Resources (SSRI) tumbled 3.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
