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Gold Sags as U.S. Dollar Rises, Equities Fall

Gold and silver decline, while miners tumbled


Gold Silver GLD IAU SLVGold futures shrugged off signs of increased Asian bullion-buying to finish lower on Wednesday. Investors ignored gold and sought refuge in the U.S. dollar as equity markets declined during the day.

Gold futures for May delivery dipped 0.3% to $1,382.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,394.10 and as low as $1,365.60. Gold bullion closed in London at $1,376, according to BullionVault.

Gold Miners Offer One Safe Place to Hide
Gold Miners Offer One Safe Place to Hide

Silver futures for May delivery dropped 1.4% to $23.31 per ounce. Wednesday’s high for silver was $23.73, while the low was $22.84.

Gold and silver funds mostly declined in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) was flat.
  • The iShares Gold Trust (NYSE:IAU) slipped 0.2%.
  • The iShares Silver Trust (NYSE:SLV) fell 1%.

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

  • The Market Vectors Gold Miners ETF (NYSE:GDX) tumbled 5.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 5.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 5.9%.

Gold mining shares sank on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 4.8%.
  • Barrick Gold (NYSE:ABX) declined 6.5%.
  • Eldorado Gold (NYSE:EGO) slid 4.7%.
  • Goldcorp (NYSE:GG) dipped 2%.
  • Kinross Gold (NYSE:KGC) tumbled 7.9%.
  • Newmont Mining (NYSE:NEM) moved down 4.2%.
  • NovaGold Resources (AMEX:NG) plunged 7.7%.
  • Yamana Gold (NYSE:AUY) dropped 4.7%.

Silver mining shares skidded during the day.

  • Coeur d’Alene Mines (NYSE:CDE) plummeted 9.8%.
  • Hecla Mining (NYSE:HL) fell 6.3%.
  • Pan American Silver (NASDAQ:PAAS) slid 5.6%.
  • Silver Wheaton (NYSE:SLW) sank 6.9%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 8.4%.

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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