Gold Retreats on Stronger U.S. Dollar
by Christopher Freeburn | November 1, 2012 4:42 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[4]) slipped 0.5%.
- The iShares Gold Trust (NYSE:IAU[5]) also dipped 0.5%.
- The iShares Silver Trust (NYSE:SLV[6]) edged down 0.2%.
Gold and silver mining ETFs mostly declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 1.7%
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) dropped 0.5%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) increased 0.1%.
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]
.
- Agnico-Eagle Mines (NYSE:AEM[12]) slid 0.3%.
- Barrick Gold plunged 9.4%.
- Eldorado Gold (NYSE:EGO[13]) dipped 0.2%.
- Goldcorp (NYSE:GG[14]) rose 0.3%.
- Kinross Gold (NYSE:KGC[15]) retreated 0.9%
- Newmont Mining (NYSE:NEM[16]) declined 2.5%.
- NovaGold Resources (AMEX:NG[17]) edged down 0.2%.
- Yamana Gold (NYSE:AUY[18]) fell 0.6%.
Silver mining shares broadly climbed Thursday.
- Coeur d’Alene Mines (NYSE:CDE[19]) jumped 3%.
- Hecla Mining (NYSE:HL[20]) increased 0.8%.
- Pan American Silver (NASDAQ:PAAS[21]) gained 3%.
- Silver Wheaton (NYSE:SLW[22]) gained 1.6%.
- Silver Standard Resources (NASDAQ:SSRI[23]) rose 2.4%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- reporting declining Q3 profits and more delays on its Pascua-Lama mine: http://www.reuters.com/article/2012/11/01/us-barrick-results-idUSBRE8A01FV20121101
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/11/gold-retreats-on-stronger-u-s-dollar/