Gold dropped sharply on Wednesday as the U.S. dollar rose, oil declined and the possibility of deflation in Europe and the U.S. prompted a flood of stop-loss orders from worried investors.
Gold futures for December delivery dropped to $1,718.60 on Wednesday, according to CME Group. Gold traded as high as $1,743.10 and as low as $1,705.50. Gold bullion closed in London at $1,722, according to BullionVault.
Silver futures for December delivery fell to $33.71 per ounce. Wednesday’s high for silver was $34.04, while the low was $32.90.
Gold and silver funds decline in Wednesday trading.
- The SPDR Gold Trust (NYSE:) dropped 1.3%.
- The iShares Gold Trust (NYSE:) also fell 1.3%.
- The iShares Silver Trust (NYSE:) slid 0.9%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:) rose 0.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) dipped 0.5%.
- The Global X Silver Miners ETF (NYSE:) fell 0.5%.
Gold mining shares mostly rose on Wednesday, with Barrick Gold (NYSE:
) rising highest.
- Agnico-Eagle Mines (NYSE:) rose 1.1%.
- Barrick Gold gained 1.4%.
- Eldorado Gold (NYSE:) dipped 0.9%.
- Goldcorp (NYSE:) increased 1.2%.
- Kinross Gold (NYSE:) gained 0.9%.
- Newmont Mining (NYSE:) improved 0.7%.
- NovaGold Resources (NYSE:) was flat.
- Yamana Gold (NYSE:) climbed 1.3%.
Silver mining shares were mixed on Wednesday.
- Coeur d’Alene Mines (NYSE:) advanced 2.3%.
- Hecla Mining (NYSE:) gained 1%.
- Pan American Silver (NASDAQ:) slipped 0.7%.
- Silver Wheaton (NYSE:) increased 0.5%.
- Silver Standard Resources (NASDAQ:) plunged 4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
