Gold Retreats on Stronger U.S. Dollar

by Christopher Freeburn | November 1, 2012 4:42 pm

Gold Silver GLD IAU SLV[1]Better-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[2]. 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[3].

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.

Gold and silver mining ETFs mostly declined during the day.

Gold mining shares mostly declined on Thursday, with Barrick Gold (NYSE:ABX[10]) falling hard after reporting declining Q3 profits and more delays on its Pascua-Lama mine[11].

Silver mining shares broadly climbed 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.

  1. [Image]:
  2. CME Group:
  3. BullionVault:
  4. GLD:
  5. IAU:
  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. ABX:
  11. reporting declining Q3 profits and more delays on its Pascua-Lama mine:
  12. AEM:
  13. EGO:
  14. GG:
  15. KGC:
  16. NEM:
  17. NG:
  18. AUY:
  19. CDE:
  20. HL:
  21. PAAS:
  22. SLW:
  23. SSRI:
  24. BullionVault:

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