Gold Retreats on Lower U.S. Unemployment
by Christopher Freeburn | October 5, 2012 4:56 pm
[1]Gold backed away from Thursday’s 11-month high after the U.S. unemployment rate fell unexpectedly and oil prices continued to decline.
Gold futures for December delivery dropped to $1,780.80 on Friday, according to CME Group[2]. Gold traded as high as $1,798.10 and as low as $1,774.50. Gold bullion closed in London at $1,785, according to BullionVault[3].
Silver futures for December delivery also slipped, closing down at $34.57 per ounce. Friday’s high for silver was $35.15, while the low was $34.32.
Gold and silver funds edged lower in Friday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) fell 0.6%.
- The iShares Gold Trust (NYSE:IAU[5]) also slipped 0.6%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1.4%.
Gold and silver mining ETFs posted losses for the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) slid 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) declined 1.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 0.7%.
Gold mining shares fell on Friday, with NovaGold Resources (AMEX:NG[10]) and Yamana Gold
(NYSE:AUY[11]) dropping the hardest.
- Agnico-Eagle Mines (NYSE:AEM[12]) dipped 0.5%
- Barrick Gold (NYSE:ABX[13]) also slipped 0.5%.
- Eldorado Gold (NYSE:EGO[14]) fell 1.9%.
- Goldcorp (NYSE:GG[15]) edged down 0.1%.
- Kinross Gold (NYSE:KGC[16]) dropped 2.2%.
- Newmont Mining (NYSE:NEM[17]) moved lower 0.7%.
- NovaGold Resources tumbled 3%.
- Yamana Gold also fell 3%.
Silver mining shares closed down in Friday trading.
- Coeur d’Alene Mines (NYSE:CDE[18]) slid 1.2%.
- Hecla Mining (NYSE:HL[19]) fell 1.8%.
- Pan American Silver (NASDAQ:PAAS[20]) dipped 0.6%.
- Silver Wheaton (NYSE:SLW[21]) declined 1.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) lost 2.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[3] 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- 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
Source URL: https://investorplace.com/2012/10/gold-retreats-on-lower-u-s-unemployment/