Strong Manufacturing Report Pushes Gold Lower

by Christopher Freeburn | August 1, 2013 4:21 pm

Gold Silver GLD IAU SLV[1]Gold climbed in early trading Thursday, but the advance withered after a report showed better-than-expected U.S. manufacturing gains in July. Gold futures ended the day slightly lower, while the U.S. dollar climbed.

The Institute for Supply Management’s manufacturing index jumped from a reading of 50.9 in June to 55.4 last month. The surge surprised economists who were expecting the index to rise to a reading of just 52.

Gold futures for December delivery slid 0.1% to $1,311.20 per ounce Thursday, according to CME Group[2]. Gold traded as high as $1,330.7o and as low as $1,307.10. Gold bullion closed in London at $1,313, according to BullionVault[3].

Silver futures for December delivery were flat at $19.67 per ounce. Thursday’s high for silver was $20, while the low was $19.61.

Gold and silver funds slid in Thursday trading.

Gold and silver mining ETFs declined during the day.

Gold mining shares slumped on Thursday.

Silver mining shares moved down 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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