Gold Tumbles Below $1,400 an Ounce

by Christopher Freeburn | May 15, 2013 4:35 pm

Gold Silver GLD IAU SLV[1]A still-rising U.S. dollar and advancing equities sent gold down for a fifth straight session, pushing the metal below $1,400 an ounce. The Dow Jones Industrial Average and S&P 500 closed at fresh record highs for a second consecutive day, while the U.S. dollar rose against the euro.

Investors also took note of a report showing that U.S. wholesale prices declined in April — a signal that dispelled fears that inflation could rise.

Gold futures for June delivery dropped 2% to $1,396.20 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,429.40 and as low as $1,389. Gold bullion closed in London at $1,394, according to BullionVault[3].

Silver futures for June delivery sank 3% to $22.65 per ounce. Wednesday’s high for silver was $23.38 while the low was $22.47.

Gold and silver funds slumped in Wednesday trading.

Gold and silver mining ETFs tumbled during the day.

Gold mining shares moved sharply lower on Wednesday.

Silver mining shares also also tumbled 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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