Gold Falls on Positive U.S. Factory Report

by Christopher Freeburn | January 15, 2014 4:51 pm

Gold Silver GLD IAU SLV[1]Gold sank in Wednesday trading as a key survey indicated better-than-expected U.S. manufacturing.

The business condition index of the Federal Reserve Bank of New York’s Empire State Manufacturing Survey jumped to a reading of 12.51 in January. That was up sharply from a reading of 2.22 last month. It also surprised economists who had forecast a reading of 3. The U.S. dollar climbed against other currencies, further weakening gold’s appeal to investors.

Gold futures for February delivery fell 0.6% to $1,238.30 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,244.60 and as low as $1,233.60. Bullion closed in London at $1,241, according to BullionVault[3].

Silver futures for March delivery slid 0.7%, to $20.13 per ounce. Wednesday’s high for silver was $20.27, while the low was $19.91.

Metal funds faded on Wednesday.

Mining ETFs advanced during the day.

Gold stocks mostly climbed on Wednesday.

Silver mining shares improved 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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