Gold Slides Below $1,300 an Ounce
by Christopher Freeburn | March 27, 2014 4:43 pm
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.
[1]The 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.
Gold futures for April delivery fell 0.7% to $1,294.70 per ounce on Thursday, according to CME Group[2]. 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[3].
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[4]) sank 0.7%.
- The iShares Gold Trust (IAU[5]) declined 0.6%.
- The iShares Silver Trust (SLV[6]) dipped 0.2%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) rose 1.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) gained 3.6%.
- The Global X Silver Miners ETF (SIL[9]) added 1%.
Gold stocks mostly advanced on Thursday.
- Agnico-Eagle Mines (AEM[10]) rose 1.9%.
- Barrick Gold (ABX[11]) moved up 1.2%.
- Eldorado Gold (EGO[12]) slipped 0.4%.
- Goldcorp (GG[13]) gained 1.3%.
- Kinross Gold (KGC[14]) dropped 4.5%.
- Newmont Mining (NEM[15]) slid 0.6%.
- NovaGold Resources (NG[16]) climbed 2.3%.
- Yamana Gold (AUY[17]) increased 0.8%.
Silver mining shares gained during the day.
- Coeur d’Alene Mines (CDE[18]) inched up 0.2%.
- Hecla Mining (HL[19]) climbed 2.6%.
- Pan American Silver (PAAS[20]) added 1.8%.
- Silver Wheaton (SLW[21]) rose 1.6%.
- Silver Standard Resources (SSRI[22]) increased 1.9%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/03/gold-slides-1300-ounce/