Gold Retreats on Stronger U.S. Dollar

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Gold Silver GLD IAU SLVBetter-than-expected reports on U.S. first-time unemployment claims and manufacturing activity rallied the dollar, sending gold down slightly in Thursday trading.

Gold futures for December delivery slipped to $1,715.50 on Thursday, according to CME Group. Gold traded as high as $1,727.50 and as low as $1,715.10. Gold bullion closed in London at $1,718, according to BullionVault.

Silver futures for December delivery also dipped, closing down at $32.25 per ounce. Thursday’s high for silver was $32.70, while the low was $32.90.

Gold and silver funds moved lower in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.5%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.5%.
  • The iShares Silver Trust (NYSE:SLV) edged down 0.2%.

Gold and silver mining ETFs mostly declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.7%
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) increased 0.1%.

Gold mining shares mostly declined on Thursday, with Barrick Gold (NYSE:ABX) falling hard after reporting declining Q3 profits and more delays on its Pascua-Lama mine.

  • Agnico-Eagle Mines (NYSE:AEM) slid 0.3%.
  • Barrick Gold plunged 9.4%.
  • Eldorado Gold (NYSE:EGO) dipped 0.2%.
  • Goldcorp (NYSE:GG) rose 0.3%.
  • Kinross Gold (NYSE:KGC) retreated 0.9%
  • Newmont Mining (NYSE:NEM) declined 2.5%.
  • NovaGold Resources (AMEX:NG) edged down 0.2%.
  • Yamana Gold (NYSE:AUY) fell 0.6%.

Silver mining shares broadly climbed Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) jumped 3%.
  • Hecla Mining (NYSE:HL) increased 0.8%.
  • Pan American Silver (NASDAQ:PAAS) gained 3%.
  • Silver Wheaton (NYSE:SLW) gained 1.6%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 2.4%.

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, https://investorplace.com/2012/11/gold-retreats-on-stronger-u-s-dollar/.

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