Gold Slides on Mixed Economic News

by Christopher Freeburn | September 26, 2013 4:58 pm

Gold Silver GLD IAU SLV[1]Reports 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[2]. Gold traded as high as $1,340 and as low as $1,319.20. Bullion closed in London at $1,326, according to BullionVault[3].

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.

Mining ETFs retreated during the day.

Gold mining shares declined on Thursday.

Silver mining shares sank 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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