Gold Futures Hit Six-Week Low as Dollar Rises

by Christopher Freeburn | October 23, 2012 5:17 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares fell back on Tuesday, with Yamana Gold (NYSE:AUY[10]) dropping the most.

Silver mining shares declined on Tuesday.

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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