Gold Sinks as U.S. Dollar Rallies

by Christopher Freeburn | April 3, 2014 4:50 pm

Gold Sinks as U.S. Dollar Rallies

PreciousMetalsRecap Gold Sinks as U.S. Dollar Rallies[1]Gold gave back most of the prior day’s gain, falling modestly on Thursday after a European banker’s comments pushed the euro down and the U.S. dollar higher.

The European Central Bank left current record-low interest rates unchanged. ECB President Mario Draghi said that the central bank would not “exclude further monetary-policy easing” in order to stimulate the continent’s sluggish economy. The remark extended the U.S. dollar’s gains against the euro.  The dollar drew additional strength from rising expectations that the Labor Department will report solid March employment growth on Friday.

Gold futures for June delivery fell 0.5% to $1,284.60 per ounce on Thursday, according to CME Group[2]. Gold prices were as high as $1,294.20 and as low as $1,281.90. Bullion closed in London at $1,288, according to BullionVault[3].

Silver futures for May delivery dropped 1.2% to settle at $19.81 per ounce. Thursday’s high for silver was $20.08, while the low was $19.66.

Metal funds faded on Thursday.

Mining ETFs sank during the day.

Gold stocks retreated on Thursday.

Silver mining shares declined 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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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