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Gold Drops on Cyprus Bank Calm, Posts Slight Monthly Gain

Gold Silver GLD IAU SLVRelative calm in Cyprus as the island nation’s bank re-opened under a European bailout bolstered hopes that the eurozone has avoided another crisis, sending gold down in Thursday trading. The metal closed the month with a 1% gain, though it remains down 5% for the first calendar quarter.

Gold futures for May delivery dropped 0.7% to $1,595.20 per ounce on Thursday, according to CME Group. Gold traded as high as $1,606.30 and as low as $1,594.20. Gold bullion closed in London at $1,598, according to BullionVault.

Silver futures for May delivery fell 1% to $28.32 per ounce. Thursday’s high for silver was $28.81, while the low was $28.17.

Gold and silver funds retreated in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
  • The iShares Gold Trust (NYSE:IAU) slid 0.5%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.1%.

Gold and silver mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) tumbled 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 0.7%.

Gold mining shares were mixed on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.1%.
  • Barrick Gold (NYSE:ABX) inched up 0.1%.
  • Eldorado Gold (NYSE:EGO) fell 1%.
  • Goldcorp (NYSE:GG) slipped 0.3%.
  • Kinross Gold (NYSE:KGC) declined 0.5%.
  • Newmont Mining (NYSE:NEM) increased 0.3%.
  • NovaGold Resources (AMEX:NG) plunged 4.4%.
  • Yamana Gold (NYSE:AUY) edged up 0.1%.

Silver mining shares moved lower during the day.

  • Coeur d’Alene Mines (NYSE:CDE) fell 0.3%.
  • Hecla Mining (NYSE:HL) tumbled 2.2%.
  • Pan American Silver (NASDAQ:PAAS) sank 1.2%.
  • Silver Wheaton (NYSE:SLW) retreated 1%.
  • Silver Standard Resources (NASDAQ:SSRI) declined 1.3%.

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/2013/03/gold-drops-on-cyprus-bank-calm-posts-slight-monthly-gain/.

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