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

by Christopher Freeburn | April 17, 2013 4:44 pm

Gold Silver GLD IAU SLV[1]Gold 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[2]. 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[3].

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.

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

Gold mining shares sank on Wednesday.

Silver mining shares skidded during the day.

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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