Gold tumbled in Wednesday trading after Goldman Sachs (NYSE:) trimmed its price outlook for the metal for the second time in two months. Goldman Sachs lowered its forecast for gold from an average of $1,610 an ounce for 2013 to $1,545 an ounce.
As the metal fell, the U.S. dollar rose and U.S. equity markets tested new record highs.
Gold futures for May delivery dropped 1.8% to $1,558.40 per ounce on Wednesday, according to . Gold traded as high as $1,586.80 and as low as $1,556.70. Gold bullion closed in London at $1,562 according to BullionVault.
Silver futures for May delivery surged 0.8% to $27.65 per ounce. Wednesday’s high for silver was $27.97, while the low was $27.45.
Gold and silver funds slumped in Wednesday trading.
- The SPDR Gold Trust (NYSE:) fell 1.7%.
- The iShares Gold Trust (NYSE:) slid 1.6%.
- The iShares Silver Trust (NYSE:) declined 1.3%.
Gold and silver mining ETFs plunged during the day.
- The Market Vectors Gold Miners ETF (NYSE:) dropped 3.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) dropped 3.6%.
- The Global X Silver Miners ETF (NYSE:) tumbled 2.1%.
Gold mining shares moved down sharply on Wednesday.
- Agnico-Eagle Mines (NYSE:) slipped 1.9%.
- Barrick Gold (NYSE:) plummeted 8.4%.
- Eldorado Gold (NYSE:) dropped 5.4%.
- Goldcorp (NYSE:) slid 2.6%.
- Kinross Gold (NYSE:) sank 3.2%.
- Newmont Mining (NYSE:) slumped 2.6%.
- NovaGold Resources (AMEX:) plunged 7.8%.
- Yamana Gold (NYSE:) declined 4%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (NYSE:) dipped 0.5%.
- Hecla Mining (NYSE:) fell 3.5%.
- Pan American Silver (NASDAQ:) slipped 0.5%.
- Silver Wheaton (NYSE:) tumbled 5.2%.
- Silver Standard Resources (NASDAQ:) sank 3.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
