Gold Drops to 5-Week Low on G-7 Rumblings

by Christopher Freeburn | February 11, 2013 4:56 pm

Gold Silver GLD IAU SLV[1]Gold fell to a five-week low in Monday trading after news reports indicated that the G-7 was preparing to issue a statement announcing a commitment to curtail currency devaluations. The statement was expected to be released before this week’s G-20 meeting in Moscow.

Gold futures for March delivery sank more than 1% to $1,648.40 on Monday, according to CME Group[2]. Gold traded as high as $1,669.10 and as low as $1,643.70. Gold bullion closed in London at $1,652, according to BullionVault[3].

Silver futures for March delivery slid about 1.7% to $30.91 per ounce. Monday’s high for silver was $31.54 an ounce, while the low was $30.82.

Gold and silver funds dropped in Monday trading.

Gold and silver mining ETFs also retreated during the day.

Gold mining shares moved lower on Monday.

Silver mining shares also pulled back.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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  23. BullionVault:

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