Gold Slides on Mixed Economic News

Gold Silver GLD IAU SLVReports painting a mixed picture of the U.S. economy increased investor uncertainty and sent gold down modestly in Thursday trading. The metal lost most of the ground it gained during the previous day’s session.

First-time claims for unemployment benefits last week were lower than economists had expected. However, the government said that economic growth during the second quarter remained consistent with initial readings at 2.5%, economists had forecast an upward revision to 2.7%.

Gold futures for December delivery fell 0.9% to $1,324.10 per ounce on Thursday, according to CME Group. Gold traded as high as $1,340 and as low as $1,319.20. Bullion closed in London at $1,326, according to BullionVault.

Silver futures for December delivery dipped 0.5% to $21.77 per ounce. Thursday’s high for silver was $22.13, while the low was $21.67.

Metal funds moved lower in Thursday trading.

  • The SPDR Gold Shares (GLD) fell 0.8%.
  • The iShares Gold Trust (IAU) declined 0.9%.
  • The iShares Silver Trust (SLV) slipped 0.3%.

Mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 1.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.5%.
  • The Global X Silver Miners ETF (SIL) decreased 2.4%.

Gold mining shares declined on Thursday.

  • Agnico-Eagle Mines (AEM) dropped 2.9%.
  • Barrick Gold (ABX) fell 0.8%.
  • Eldorado Gold (EGO) slipped 1.2%.
  • Goldcorp (GG) moved down 1.3%.
  • Kinross Gold (KGC) sank 1.6%.
  • Newmont Mining (NEM) dipped 0.5%.
  • NovaGold Resources (NG) retreated 2.4%.
  • Yamana Gold (AUY) pulled back 2.6%.

Silver mining shares sank during the day.

  • Coeur d’Alene Mines (CDE) fell 2.2%.
  • Hecla Mining (HL) slipped 0.9%.
  • Pan American Silver (PAAS) dropped 2.7%.
  • Silver Wheaton (SLW) declined 1.6%.
  • Silver Standard Resources (SSRI) waned 2.5%.

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.

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