Global Economic Worries Send Gold Lower

by Christopher Freeburn | November 15, 2012 4:30 pm

Gold Silver GLD IAU SLV[1]Gold dropped to its lowest level in a week on Thursday as investor concerns grew over a new recession in Europe[2], 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[3]. 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[4].

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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares mostly fell on Thursday, but NovaGold Resources (NYSE:NG[11]) broke the ranks and rose.

Silver mining shares also fell on Thursday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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

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