Gold gave back Wednesday’s gains on Thursday, spurred in part after the Commerce Department announced that personal incomes in the U.S. rose 2.6% last month, easily beating the 0.8% gain forecast by economists, and suggesting a strengthening U.S. economy.
Gold futures for March delivery dropped almost 1.1% to $1,661.30 on Thursday, according to CME Group. Gold traded as high as $1,680.50 and as low as $1,658.30. The move cemented a loss for January, making it the fourth consecutive month the metal has declined. Gold bullion closed in London at $1,666, according to BullionVault.
Silver futures for March delivery declined 2.6% to $31.35 per ounce. Thursday’s high for silver was $32.13 an ounce, while the low was $31.12.
Gold and silver funds declined in Thursday trading.
- The SPDR Gold Trust (NYSE:) fell 0.6%.
- The iShares Gold Trust (NYSE:) also declined 0.6%.
- The iShares Silver Trust (NYSE:) dropped 1.6%.
Gold and silver mining ETFs also pulled back during the day.
- The Market Vectors Gold Miners ETF (NYSE:) sank 0.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) moved down 1.2%.
- The Global X Silver Miners ETF (NYSE:) slid 1%.
Gold mining shares broadly moved lower Thursday.
- Agnico-Eagle Mines (NYSE:) fell 1.8%.
- Barrick Gold (NYSE:) slipped 1.5%.
- Eldorado Gold (NYSE:) declined 1.7%.
- Goldcorp (NYSE:) sank 1.8%.
- Kinross Gold (NYSE:) dropped 1.6%.
- Newmont Mining (NYSE:) dipped 0.3%.
- NovaGold Resources (AMEX:) fell 0.9%.
- Yamana Gold (NYSE:) moved down 0.8%.
Silver mining shares also retreated.
- Coeur d’Alene Mines (NYSE:) declined 0.6%.
- Hecla Mining (NYSE:) sank 0.8%.
- Pan American Silver (NASDAQ:) slid 0.6%.
- Silver Wheaton (NYSE:) fell 0.4%.
- Silver Standard Resources (NASDAQ:) dropped 1.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
