Gold Slips Back Below $1,300 an Ounce

by Christopher Freeburn | April 7, 2014 4:35 pm

[1]Gold sank in Monday trading as investors looked forward to the release of the minutes of the Federal Reserve’s most recent meeting later this week. Fed Chairwoman Janet Yellen surprised Wall Street recently by suggesting that the central bank could begin raising interest rates sooner than expected.

Gold futures for June delivery fell 0.4% to $1,298.30 per ounce on Monday, according to CME Group[2]. Gold prices were as high as $1,304.90 and as low as $1,294.80. Bullion closed in London at $1,298, according to BullionVault[3].

Silver futures for May delivery dipped 0.2% to settle at $19.91 per ounce. Monday’s high for silver was $20.02, while the low was $19.78.

Metal funds faded on Monday.

• The SPDR Gold Shares (GLD[4]) fell 0.5%.
• The iShares Gold Trust (IAU[5]) slid 0.5%.
• The iShares Silver Trust (SLV[6]) edged down 0.3%.

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) was flat.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 2.2.
• The Global X Silver Miners ETF (SIL[9]) dipped 0.2%.

Gold stocks mostly retreated on Monday.

• Agnico-Eagle Mines (AEM[10]) rose 0.5%.
• Barrick Gold (ABX[11]) sank 0.7%.
• Eldorado Gold (EGO[12]) fell 0.8%.
• Goldcorp (GG[13]) slipped 0.6%.
• Kinross Gold (KGC[14]) declined 1.1%.
• Newmont Mining (NEM[15]) added 1.4%.
• NovaGold Resources (NG[16]) dropped 1.9%.
• Yamana Gold (AUY[17]) moved down 0.6%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE[18]) sank 2.3%.
• Hecla Mining (HL[19]) fell 1.8%.
• Pan American Silver (PAAS[20]) slipped 0.3%.
• Silver Wheaton (SLW[21]) declined 0.6%.
• Silver Standard Resources (SSRI[22]) dipped 0.2%.

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.

Source URL: https://investorplace.com/2014/04/gold-slips-back-1300-ounce/

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