The euro fell sharply against the U.S. dollar in Thursday trading after the European Central Bank cut a key interest rate. The surging dollar pressured gold, which sank modestly during the session, giving back almost all of yesterday’s gain.
Coeur d’Alene Mines (CDE) led a down day for silver miners, falling sharply after it reported quarterly results that missed Wall Street expectations.
Gold futures for December delivery slid 0.7% to $1,308.50 per ounce on Thursday, according to CME Group. Gold traded as high as $1,326 and as low as $1,296. Bullion closed in London at $1,309, according to BullionVault.
Silver futures for December moved down 0.5% to $21.66 per ounce. Thursday’s high for silver was $22.02, while the low was $21.38.
Metal funds sank in Thursday trading.
- The SPDR Gold Shares (GLD) decreased 0.8%.
- The iShares Gold Trust (IAU) slipped 0.8%.
- The iShares Silver Trust (SLV) fell 0.8%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX) declined 2.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3.9%.
- The Global X Silver Miners ETF (SIL) sank 2.8%.
Gold stocks pulled back on Thursday.
- Agnico-Eagle Mines (AEM) fell 1.9%.
- Barrick Gold (ABX) dipped 0.8%.
- Eldorado Gold (EGO) plunged 5.4%.
- Goldcorp (GG) dropped 3%.
- Kinross Gold (KGC) sank 3.3%.
- Newmont Mining (NEM) slid 2.1%.
- NovaGold Resources (NG) tumbled 5%.
- Yamana Gold (AUY) declined 3.2%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines plummeted 9.8%.
- Hecla Mining (HL) fell 2.3%.
- Pan American Silver (PAAS) dropped 3.6%.
- Silver Wheaton (SLW) slid 3.4%.
- Silver Standard Resources (SSRI) dipped 1.1%.
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.