Gold Futures Hit Six-Week Low as Dollar Rises
by Christopher Freeburn | October 23, 2012 5:17 pm
[1]A slew of lower-than-expected corporate earnings reports sent gold futures tumbling to a six-week low in Tuesday trading. In addition, the U.S. dollar rose, and worries over a slowing global economy intensified.
Gold futures for December delivery dropped to $1,709.40 on Tuesday, according to CME Group[2]. Gold traded as high as $1,731.20 and as low as $1,705.10. Gold bullion closed in London at $1,710, according to BullionVault[3].
Silver futures for December delivery were also lower, closing down at $31.79 per ounce. Tuesday’s high for silver was $32.50, while the low was $31.65.
Gold and silver funds moved lower in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) fell 1.3%.
- The iShares Gold Trust (NYSE:IAU[5]) declined 1.2%.
- The iShares Silver Trust (NYSE:SLV[6]) tumbled 2.3%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 2.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) also moved down 2.8%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) fell 3.3%.
Gold mining shares fell back on Tuesday, with Yamana Gold (NYSE:AUY[10]
) dropping the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) slid 1.9%.
- Barrick Gold (NYSE:ABX[12]) dipped 1%.
- Eldorado Gold (NYSE:EGO[13]) fell 2.6%.
- Goldcorp (NYSE:GG[14]) declined 2.7%.
- Kinross Gold (NYSE:KGC[15]) tumbled 3.3%.
- Newmont Mining (NYSE:NEM[16]) dropped 3%.
- NovaGold Resources (AMEX:NG[17]) dipped 0.2%.
- Yamana Gold slid 3.9%.
Silver mining shares declined on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) dropped 4.6%.
- Hecla Mining (NYSE:HL[19]) retreated 2.7%.
- Pan American Silver (NASDAQ:PAAS[20]) declined 2.3%.
- Silver Wheaton (NYSE:SLW[21]) plunged 5.6%.
- Silver Standard Resources (NASDAQ:SSRI[22]) fell 2.6%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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