Gold Slides Below $1,300 an Ounce

Silver faded, but mining stocks mostly climbed

   

Gold Slides Below $1,300 an Ounce

Gold dropped again on Thursday, settling under $1,300 an ounce for the first time in six weeks. The metal retreated under pressure from stronger U.S. economic data, which boosted the U.S. dollar.

PreciousMetalsRecap Gold Slides Below $1,300 an OunceThe Commerce Department revised fourth-quarter U.S. GDP growth upward from a prior estimate of 2.4%, to 2.6%, though the gain was almost entirely attributable to higher health care spending during the quarter. In a separate report, the Labor Department said that first-time unemployment benefit claims declined to a seasonally adjusted 311,000 last week. That was less than the 325,000 new claims economists had forecast.

11103054 gold bullion 200x200 Gold Slides Below $1,300 an Ounce
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Gold futures for April delivery fell 0.7% to $1,294.70 per ounce on Thursday, according to CME Group. Gold traded as high as $1,307.60 and as low as $1,291.20 Bullion closed in London at $1,294, according to BullionVault.

Silver futures for May delivery slipped 0.4% to settle at $19.71 per ounce. Thursday’s high for silver was $19.87, while the low was $19.58.

Metal funds faded on Thursday.

  • The SPDR Gold Shares (GLD) sank 0.7%.
  • The iShares Gold Trust (IAU) declined 0.6%.
  • The iShares Silver Trust (SLV) dipped 0.2%.

Mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 1.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) gained 3.6%.
  • The Global X Silver Miners ETF (SIL) added 1%.

Gold stocks mostly advanced on Thursday.

  • Agnico-Eagle Mines (AEM) rose 1.9%.
  • Barrick Gold (ABX) moved up 1.2%.
  • Eldorado Gold (EGO) slipped 0.4%.
  • Goldcorp (GG) gained 1.3%.
  • Kinross Gold (KGC) dropped 4.5%.
  • Newmont Mining (NEM) slid 0.6%.
  • NovaGold Resources (NG) climbed 2.3%.
  • Yamana Gold (AUY) increased 0.8%.

Silver mining shares gained during the day.

  • Coeur d’Alene Mines (CDE) inched up 0.2%.
  • Hecla Mining (HL) climbed 2.6%.
  • Pan American Silver (PAAS) added 1.8%.
  • Silver Wheaton (SLW) rose 1.6%.
  • Silver Standard Resources (SSRI) increased 1.9%.

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-slides-1300-ounce/.

©2014 InvestorPlace Media, LLC

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