Gold Retreats on Lower U.S. Unemployment

by Christopher Freeburn | October 5, 2012 4:56 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs posted losses for the day.

Gold mining shares fell on Friday, with NovaGold Resources (AMEX:NG[10]) and Yamana Gold (NYSE:AUY[11]) dropping the hardest.

Silver mining shares closed down in Friday trading.

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.

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

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