Gold fell to a five-week low in Monday trading after news reports indicated that the G-7 was preparing to issue a statement announcing a commitment to curtail currency devaluations. The statement was expected to be released before this week’s G-20 meeting in Moscow.
Gold futures for March delivery sank more than 1% to $1,648.40 on Monday, according to CME Group. Gold traded as high as $1,669.10 and as low as $1,643.70. Gold bullion closed in London at $1,652, according to BullionVault.
Silver futures for March delivery slid about 1.7% to $30.91 per ounce. Monday’s high for silver was $31.54 an ounce, while the low was $30.82.
Gold and silver funds dropped in Monday trading.
- The SPDR Gold Trust (NYSE:) fell 1.2%.
- The iShares Gold Trust (NYSE:) declined 1.1%.
- The iShares Silver Trust (NYSE:) slid 1.5%.
Gold and silver mining ETFs also retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:) sank 2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) tumbled 2.6%.
- The Global X Silver Miners ETF (NYSE:) moved lower 1.4%.
Gold mining shares moved lower on Monday.
- Agnico-Eagle Mines (NYSE:) dropped 2.8%.
- Barrick Gold (NYSE:) slipped 1.3%.
- Eldorado Gold (NYSE:) dropped 2.6%.
- Goldcorp (NYSE:) declined 2.2%.
- Kinross Gold (NYSE:) fell 2.1%.
- Newmont Mining (NYSE:) dipped 1%.
- NovaGold Resources (AMEX:) retreated 2.7%.
- Yamana Gold (NYSE:) plunged 4.8%.
Silver mining shares also pulled back.
- Coeur d’Alene Mines (NYSE:) slipped 0.5%.
- Hecla Mining (NYSE:) declined 1.3%.
- Pan American Silver (NASDAQ:) fell 1.7%.
- Silver Wheaton (NYSE:) sank 2.2%.
- Silver Standard Resources (NASDAQ:) dropped 1.2%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
