Gold Drops Amid November Retail Sales Gain

by Christopher Freeburn | December 12, 2013 4:24 pm

Gold Silver GLD IAU SLV[1]Gold fell in Thursday trading after the government reported better-than-expected U.S. retail sales in November. The news sent the U.S. dollar climbing against other currencies.

The Commerce Department said that retail sales grew 0.7% last month, outpacing economists’ forecasts[2] and suggesting a strengthening economy. The improving economic news added weight to growing speculation that the Federal Reserve could begin tapering its monthly stimulus as early as this month.

Gold futures for February slid 2.6% to $1,224.90 per ounce on Thursday, according to CME Group[3]. Gold traded as high as $1,256.50 and as low as $1,222.60. Bullion closed in London at $1,229, according to BullionVault[4].

Silver futures for March delivery tumbled 4.4%, to $19.45 per ounce. Thursday’s high for silver was $20.35, while the low was $19.41.

Metal funds sank on Thursday.

Mining ETFs faded during the day.

Gold stocks mostly declined on Thursday.

Silver mining shares mostly retreated during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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