Gold Tumbles on Job Data, Fed Expectations

by Christopher Freeburn | September 12, 2013 4:29 pm

Gold Silver GLD IAU SLV[1]Better-than-expected first time unemployment benefit claims last week sent gold down sharply in Thursday trading. Investors interpreted signs of an improving job market as a signal that the Federal Reserve could begin tapering its monthly bond buying in the short term.

Gold futures for December delivery dropped 2.4% to $1,330.60 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,366.20 and as low as $1,325.60. Gold bullion closed in London at $1,328, according to BullionVault[3].

Silver futures for December delivery plunged 4.4% to $22.15 per ounce. Thursday’s high for silver was $23.27, while the low was $22.06.

Gold and silver funds sank in Thursday trading.

Gold and silver mining ETFs retreated during the day.

Gold mining shares dropped sharply on Thursday.

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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