Gold prices dropped on Thursday, giving back all of yesterday’s gains after the Labor Department said that the lowest number of Americans in seven years filed for first-time unemployment benefits last week. Gold prices were also pressured by a separate report showing higher consumer prices in April. An improving job market and rising prices signal a stronger U.S. economy, making it likely that the Federal Reserve will continue tapering its monthly stimulus.
Gold futures for June delivery fell 0.9% to $1,293.60 per ounce on Thursday, according to CME Group. Gold prices were as high as $1,307.30 and as low as $1,290.90. Bullion closed in London at $1,298, according to BullionVault.
Silver futures for July delivery sank 1.4% to $19.48 per ounce. Thursday’s high for silver was $19.84, while the low was $19.43.
Here’s how metal-based funds and mining stocks fared on Thursday:
Gold and Silver Funds
- The SPDR Gold Shares (GLD) fell 0.8%.
- The iShares Gold Trust (IAU) faded 0.8%.
- The iShares Silver Trust (SLV) dropped 1.4%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX) sank 1.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) declined 1.9%.
- The Global X Silver Miners ETF (SIL) moved down 1.1%.
- Agnico Eagle Mines (AEM) slipped 1.2%.
- ABX fell 3.2%.
- Eldorado Gold decreased 1.5%.
- Goldcorp (GG) slid 1.4%.
- Kinross Gold (KGC) retreated 1.2%.
- Newmont Mining (NEM) sank 1.4%.
- NovaGold (NG) pulled back 1.9%.
- Yamana Gold (AUY) dropped 2.5%.
- Coeur d’Alene Mines (CDE) slid 1.2%.
- Hecla Mining (HL) sank 2.9%.
- Pan American Silver (PAAS) fell 2.1%.
- Silver Wheaton (SLW) declined 1.6%.
- SSRI tumbled 5%.
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.