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Global Economic Worries Send Gold Lower

Gold and silver futures sank and miners tumbled after them


Gold Silver GLD IAU SLVGold dropped to its lowest level in a week on Thursday as investor concerns grew over a new recession in Europe, slackening demand for gold in China and the political wrangling over the U.S. fiscal cliff.

Gold futures for December delivery dropped to $1,714 on Thursday, according to CME Group. Gold traded as high as $1,727.90 and as low as $1,704.50. Gold bullion closed in London at $1,717, according to BullionVault.

2 to Buy, 2 to Sell in Precious Metals
2 to Buy, 2 to Sell in Precious Metals

Silver futures for December delivery dipped to $32.67 per ounce. Thursday’s high for silver was $32.78, while the low was $32.15.

Gold and silver funds moved down in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 0.6%.
  • The iShares Gold Trust (NYSE:IAU) fell 0.6%.
  • The iShares Silver Trust (NYSE:SLV) edged lower 0.3%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) declined 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 4.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 2.1%.

Gold mining shares mostly fell on Thursday, but NovaGold Resources (NYSE:NG) broke the ranks and rose.

  • Agnico-Eagle Mines (NYSE:AEM) sank 5%.
  • Barrick Gold (NYSE:ABX) fell 2%.
  • Eldorado Gold (NYSE:EGO) slid 2.7%.
  • Goldcorp (NYSE:GG) dropped 3.3%.
  • Kinross Gold (NYSE:KGC) dipped 2.54%.
  • Newmont Mining (NYSE:NEM) inched down 0.6%.
  • NovaGold Resources gained 3.3%.
  • Yamana Gold (NYSE:AUY) slipped 3%.

Silver mining shares also fell on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) sank 2.1%.
  • Hecla Mining (NYSE:HL) declined 3.1%.
  • Pan American Silver (NASDAQ:PAAS) dipped 1.5%.
  • Silver Wheaton (NYSE:SLW) dropped 3.1%.
  • Silver Standard Resources (NASDAQ:SSRI) moved down 3.5%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

Article printed from InvestorPlace Media,

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