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Gold Declines for Fourth Consecutive Month

Gold and silver futures fall Thursday; mining stocks follow suit


Gold Silver GLD IAU SLVGold gave back Wednesday’s gains on Thursday, spurred in part after the Commerce Department announced that personal incomes in the U.S. rose 2.6% last month, easily beating the 0.8% gain forecast by economists, and suggesting a strengthening U.S. economy.

Gold futures for March delivery dropped almost 1.1% to $1,661.30 on Thursday, according to CME Group. Gold traded as high as $1,680.50 and as low as $1,658.30. The move cemented a loss for January, making it the fourth consecutive month the metal has declined. Gold bullion closed in London at $1,666, according to BullionVault.

Gold and Silver Take Last Place
Gold and Silver Take Last Place

Silver futures for March delivery declined 2.6% to $31.35 per ounce. Thursday’s high for silver was $32.13 an ounce, while the low was $31.12.

Gold and silver funds declined in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
  • The iShares Gold Trust (NYSE:IAU) also declined 0.6%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.6%.

Gold and silver mining ETFs also pulled back during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) sank 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 1.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 1%.

Gold mining shares broadly moved lower Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 1.8%.
  • Barrick Gold (NYSE:ABX) slipped 1.5%.
  • Eldorado Gold (NYSE:EGO) declined 1.7%.
  • Goldcorp (NYSE:GG) sank 1.8%.
  • Kinross Gold (NYSE:KGC) dropped 1.6%.
  • Newmont Mining (NYSE:NEM) dipped 0.3%.
  • NovaGold Resources (AMEX:NG) fell 0.9%.
  • Yamana Gold (NYSE:AUY) moved down 0.8%.

Silver mining shares also retreated.

  • Coeur d’Alene Mines (NYSE:CDE) declined 0.6%.
  • Hecla Mining (NYSE:HL) sank 0.8%.
  • Pan American Silver (NASDAQ:PAAS) slid 0.6%.
  • Silver Wheaton (NYSE:SLW) fell 0.4%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 1.1%.

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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