Gold Drops for Fourth Straight Session

Gold Silver GLD IAU SLVGold sank again in Monday trading. The metal has declined for four consecutive sessions on better U.S. economic data and easing international tensions over the crisis in Ukraine.

Gold futures for June delivery fell 0.8% to $1,283.80 per ounce on Monday, according to CME Group. Gold prices were as high as $1,299.30 and as low as $1,282.70 Bullion closed in London at $1,285, according to BullionVault.

Silver futures for May delivery slipped 0.2% to settle at $19.75 per ounce. Monday’s high for silver was $20.01, while the low was $19.73.

Metal funds faded on Monday.

  • The SPDR Gold Shares (GLD) dropped 0.8%.
  • The iShares Gold Trust (IAU) fell 0.7%.
  • The iShares Silver Trust (SLV) dipped 0.2%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 2.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) pulled back 2.9%.
  • The Global X Silver Miners ETF (SIL) slid 1.1%.

Gold stocks slumped on Monday.

  • Agnico-Eagle Mines (AEM) fell 3.3%.
  • Barrick Gold (ABX) sank 2.5%.
  • Eldorado Gold (EGO) dropped 3.8%.
  • Goldcorp (GG) slipped 2.6%.
  • Kinross Gold (KGC) faded 1.7%.
  • Newmont Mining (NEM) declined 2.1%.
  • NovaGold Resources (NG) slid 2.9%.
  • Yamana Gold (AUY) decreased 2.2%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) dropped 3.5%.
  • Hecla Mining (HL) slipped 1.1%.
  • Pan American Silver (PAAS) fell 1.5%.
  • Silver Wheaton (SLW) sank 1.9%.
  • Silver Standard Resources (SSRI) declined 2.8%.

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, https://investorplace.com/2014/03/gold-drops-fourth-straight-session/.

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