Gold Slips Despite Continuing Government Shutdown

by Christopher Freeburn | October 3, 2013 4:49 pm

[1]After jumping sharply during the prior session, gold fell back marginally in Thursday trading. The metal’s retreat came even as the nation entered the third day of a U.S. government shutdown. Gold has fallen in three of the last four trading sessions.

Gold futures for December delivery dipped 0.2% to $1,317.60 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,322.80 and as low as $1,302. Bullion closed in London at $1,320, according to BullionVault[3].

Silver futures for December delivery slid 0.5% to $21.79 per ounce. Thursday’s high for silver was $21.86, while the low was $21.44.

Metal funds moved slightly higher in Wednesday trading.

• The SPDR Gold Shares (GLD[4]) edged up 0.1%.
• The iShares Gold Trust (IAU[5]) rose 0.2%.
• The iShares Silver Trust (SLV[6]) was unchanged.

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) slid 0.9%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) sank 1.3%.
• The Global X Silver Miners ETF (SIL[9]) moved lower 0.9%.

Gold mining shares pulled back on Thursday.

• Agnico-Eagle Mines (AEM[10]) slipped 1.2%.
• Barrick Gold (ABX[11]) fell 1.7%.
• Eldorado Gold (EGO[12]) dropped 2.1%.
• Goldcorp (GG[13]) declined 1.1%.
• Kinross Gold (KGC[14]) fell 0.6%.
• Newmont Mining (NEM[15]) moved down 2.1%.
• NovaGold Resources (NG[16]) slid 2.2%.
• Yamana Gold (AUY[17]) waned 2.1%.

Silver mining shares mostly fell during the day.

• Coeur d’Alene Mines (CDE[18]) sank 1.4%.
• Hecla Mining (HL[19]) rose 0.3%.
• Pan American Silver (PAAS[20]) dropped 1.8%.
• Silver Wheaton (SLW[21]) slid 1.5%.
• Silver Standard Resources (SSRI[22]) tumbled 3.6%.

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.

Source URL: https://investorplace.com/2013/10/gold-slips-despite-continuing-government-shutdown/

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