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Gold Plunges a Day After Fed Tapering Decision

The metal closed under $1,200 an ounce


Gold Silver GLD IAU SLVGold tumbled in Thursday trading, a day after the U.S. Federal Reserve announced plans to begin scaling back its monthly bond-buying by $10 billion a month.

The metal fell to its lowest close since August 2010 in heavy trading. Silver joined gold, falling sharply during the day.

Gold Outlook 2014: Look Out Below!
Gold Outlook 2014: Look Out Below!

Gold futures for February delivery dropped 3.4% to $1,193.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,226 and as low as $1,191.60. Bullion closed in London at $1,193, according to BullionVault.

Silver futures for March delivery sank 4.4%, to $19.19 per ounce. Thursday’s high for silver was $19.91, while the low was $19.10.

Metal funds fell on Thursday.

  • The SPDR Gold Shares (GLD) slid 2.4%.
  • The iShares Gold Trust (IAU) dropped 2.4%.
  • The iShares Silver Trust (SLV) sank 3.1%.

Mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slumped 3%.
  • The Global X Silver Miners ETF (SIL) declined 1.6%.

Gold stocks mostly declined on Thursday.

  • Agnico-Eagle Mines (AEM) dropped 2.3%.
  • Barrick Gold (ABX) slid 2%.
  • Eldorado Gold (EGO) dipped 0.9%.
  • Goldcorp (GG) waned 1.5%.
  • Kinross Gold (KGC) fell 2.2%.
  • Newmont Mining (NEM) moved down 1.6%.
  • NovaGold Resources (NG) climbed 0.9%.
  • Yamana Gold (AUY) pulled back 1.6%.

Silver mining shares sank during the day.

  • Coeur d’Alene Mines (CDE) retreated 1.7%.
  • Hecla Mining (HL) dipped 0.8%.
  • Pan American Silver (PAAS) fell 0.8%.
  • Silver Wheaton (SLW) declined 1.8%.
  • Silver Standard Resources (SSRI) tumbled 3.1%.

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.

Article printed from InvestorPlace Media,

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