Gold Sinks as U.S. Dollar Rallies

by Christopher Freeburn | March 26, 2014 4:26 pm

Gold Silver GLD IAU SLV[1]Gold fell back modestly in Wednesday trading, dropping to almost a six-week low under pressure from a stronger U.S. dollar. Equities markets also declined during the day.

The greenback was boosted by comments from European Central Bank (ECB) officials hinting at more stimulus efforts. The remarks sent the euro lower against the dollar.

Gold futures for April delivery skidded 0.6% to $1,303.40 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,317.10 and as low as $1,300.30 Bullion closed in London at $1,313, according to BullionVault[3].

Silver futures for May delivery shed 1% to settle at $19.78 per ounce. Wednesday’s high for silver was $20.15, while the low was $19.76.

Metal funds declined on Wednesday.

Mining ETFs slumped during the day.

Gold stocks pulled back on Wednesday.

Silver mining shares 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[23] contributed to this report.

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