Gold Slides Below $1,300 an Ounce

Gold dropped again on Thursday, settling under $1,300 an ounce for the first time in six weeks. The metal retreated under pressure from stronger U.S. economic data, which boosted the U.S. dollar.

Gold Silver GLD IAU SLVThe Commerce Department revised fourth-quarter U.S. GDP growth upward from a prior estimate of 2.4%, to 2.6%, though the gain was almost entirely attributable to higher health care spending during the quarter. In a separate report, the Labor Department said that first-time unemployment benefit claims declined to a seasonally adjusted 311,000 last week. That was less than the 325,000 new claims economists had forecast.

Gold futures for April delivery fell 0.7% to $1,294.70 per ounce on Thursday, according to CME Group. Gold traded as high as $1,307.60 and as low as $1,291.20 Bullion closed in London at $1,294, according to BullionVault.

Silver futures for May delivery slipped 0.4% to settle at $19.71 per ounce. Thursday’s high for silver was $19.87, while the low was $19.58.

Metal funds faded on Thursday.

  • The SPDR Gold Shares (GLD) sank 0.7%.
  • The iShares Gold Trust (IAU) declined 0.6%.
  • The iShares Silver Trust (SLV) dipped 0.2%.

Mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 1.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) gained 3.6%.
  • The Global X Silver Miners ETF (SIL) added 1%.

Gold stocks mostly advanced on Thursday.

  • Agnico-Eagle Mines (AEM) rose 1.9%.
  • Barrick Gold (ABX) moved up 1.2%.
  • Eldorado Gold (EGO) slipped 0.4%.
  • Goldcorp (GG) gained 1.3%.
  • Kinross Gold (KGC) dropped 4.5%.
  • Newmont Mining (NEM) slid 0.6%.
  • NovaGold Resources (NG) climbed 2.3%.
  • Yamana Gold (AUY) increased 0.8%.

Silver mining shares gained during the day.

  • Coeur d’Alene Mines (CDE) inched up 0.2%.
  • Hecla Mining (HL) climbed 2.6%.
  • Pan American Silver (PAAS) added 1.8%.
  • Silver Wheaton (SLW) rose 1.6%.
  • Silver Standard Resources (SSRI) increased 1.9%.

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,

©2022 InvestorPlace Media, LLC