Gold Sinks as U.S. Dollar Rallies

Silver faded, while miners retreated across the board

   

Gold Sinks as U.S. Dollar Rallies

PreciousMetalsRecap Gold Sinks as U.S. Dollar RalliesGold fell back modestly in Wednesday trading, dropping to almost a six-week low under pressure from a stronger U.S. dollar. Equities markets also declined during the day.

The greenback was boosted by comments from European Central Bank (ECB) officials hinting at more stimulus efforts. The remarks sent the euro lower against the dollar.

11103054 gold bullion 200x200 Gold Sinks as U.S. Dollar Rallies
Can Gold Prices Repeat Q1′s Heroic Move?

Gold futures for April delivery skidded 0.6% to $1,303.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,317.10 and as low as $1,300.30 Bullion closed in London at $1,313, according to BullionVault.

Silver futures for May delivery shed 1% to settle at $19.78 per ounce. Wednesday’s high for silver was $20.15, while the low was $19.76.

Metal funds declined on Wednesday.

  • The SPDR Gold Shares (GLD) slid 0.8%.
  • The iShares Gold Trust (IAU) fell 0.7%.
  • The iShares Silver Trust (SLV) dropped 1.2%.

Mining ETFs slumped during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5.3%.
  • The Global X Silver Miners ETF (SIL) fell 3.2%.

Gold stocks pulled back on Wednesday.

  • Agnico-Eagle Mines (AEM) fell 3.3%.
  • Barrick Gold (ABX) slid 3.5%.
  • Eldorado Gold (EGO) declined 3.2%.
  • Goldcorp (GG) dropped 3.8%.
  • Kinross Gold (KGC) tumbled 5.4%.
  • Newmont Mining (NEM) decreased 3.6%.
  • NovaGold Resources (NG) plunged 6.7%.
  • Yamana Gold (AUY) faded 3.9%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) plummeted 7.9%.
  • Hecla Mining (HL) dropped 4.1%.
  • Pan American Silver (PAAS) fell 3.9%.
  • Silver Wheaton (SLW) sank 4.7%.
  • Silver Standard Resources (SSRI) tumbled 6.3%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2014/03/gold-sinks-u-s-dollar-rallies/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.