Gold Drops Again on Global Economic Fears

by Christopher Freeburn | October 9, 2012 4:58 pm

Gold Silver GLD IAU SLV[1]A bleak forecast for worldwide economic growth from the International Monetary Fund[2] and worries over an increasingly sluggish China sent gold down for a third straight trading session.

Gold futures for December delivery dropped to $1,765 on Tuesday, according to CME Group[3]. Gold traded as high as $1,781.60 and as low as $1,762. Gold bullion closed in London at $1,767, according to BullionVault[4].

Silver futures for December delivery also slipped, closing down at $33.99 per ounce. Tuesday’s high for silver was $34.26, while the low was $33.57.

Gold and silver funds slipped in Tuesday trading.

Gold and silver mining ETFs moved lower for the day.

Gold mining shares retreated on Tuesday, with Goldcorp (NYSE:GG[11]) showing the biggest decline.

Silver mining shares closed down in Tuesday trading.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[4] contributed to this report.

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  2. economic growth from the International Monetary Fund:
  3. CME Group:
  4. BullionVault:
  5. GLD:
  6. IAU:
  7. SLV:
  8. GDX:
  9. GDXJ:
  10. SIL:
  11. GG:
  12. AEM:
  13. ABX:
  14. EGO:
  15. KGC:
  16. NEM:
  17. NG:
  18. AUY:
  19. CDE:
  20. HL:
  21. PAAS:
  22. SLW:
  23. SSRI:

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