Gold Drops on Stronger Dollar, Europe Fears

by Christopher Freeburn | October 18, 2012 4:45 pm

Gold Silver GLD IAU SLV[1]A rising U.S. dollar and renewed concerns about European debt and stimulus plans sent Gold down in Thursday trading as Germany and France bickered over budgets ahead of a eurozone summit.

Gold futures for December delivery fell to $1,744 on Thursday, according to CME Group[2]. Gold traded as high as $1,753.40 and as low as $1,739. Gold bullion closed in London at $1,744, according to BullionVault[3].

Silver futures for December delivery also closed down at $32.68 per ounce. Thursday’s high for silver was $33.33, while the low was $32.75.

Gold and silver funds dropped in Thursday trading.

Gold and silver mining ETFs moved lower during the day.

Gold mining shares declined on Thursday, with Eldorado Gold (NYSE:EGO[10]) falling the hardest.

Silver mining shares retreated in Thursday trading.

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.

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  23. BullionVault:

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