Gold Drops as U.S. Dollar Rally Continues

by Christopher Freeburn | May 17, 2013 4:20 pm

Gold Silver GLD IAU SLV[1]Gold dropped in Friday trading as the U.S. dollar resumed its advance and better-than-expected economic reports buoyed investor optimism. The metal declined for the seventh consecutive session after the Conference Board’s leading economic index and the University of Michigan/Thomson Reuters consumer sentiment index both climbed more than expected.

Gold futures for June delivery fell 1.6% to $1,364.70 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,391.30 and as low as $1,357.60. Gold bullion closed in London at $1,360, according to BullionVault[3].

Silver futures for June delivery sank 1.4% to $22.34 per ounce. Friday’s high for silver was $22.69 while the low was $22.24.

Gold and silver funds dropped in Friday trading.

Gold and silver mining ETFs slumped during the day.

Gold mining shares retreated on Friday.

Silver mining shares pulled back 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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