by Christopher Freeburn | April 28, 2014 5:02 pm
Gold edged lower in Monday trading. The metal slipped even as the U.S. imposed a fresh round of sanctions on officials and companies close to Russian President Vladimir Putin.
Newmont Mining (NEM) shares tumbled after it called off merger talks with fellow miner Barrick Gold (ABX). In a letter to Barrick’s board, NEM complained that “our efforts to find consensus have been rejected out of hand repeatedly.” NEM stock ended the day down almost 7%, while ABX shares fell more than 3%.
Gold futures for June delivery dipped 0.1% to $1,299 per ounce on Monday, according to CME Group. Gold prices were as high as $1,306.60 and as low as $1,292.10. Bullion closed in London at $1,297, according to BullionVault.
Silver futures for May delivery sank 0.5% at $19.59 per ounce. Monday’s high for silver was $19.76, while the low was $19.47.
Here’s how metal-based funds and mining stocks fared on Monday:
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.
Source URL: http://investorplace.com/2014/04/gold-and-silver-report-hem-stock-abx-merger-end/
Short URL: http://invstplc.com/1iydvkV
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.