A weaker-than-expected report on U.S. private sector job creation in March renewed worries over continued economic growth and sent just about everything — the U.S. dollar, equities, gold and other commodities — down sharply in Wednesday trading. The metal continued to show little safe-haven appeal, despite rising concerns among U.S. defense officials about escalating rhetoric from North Korea.
Gold futures for May delivery slid 1.4% to $1,553.10 per ounce on Wednesday, according to . Gold traded as high as $1,576.40 and as low as $1,549.40. Gold bullion closed in London at $1,561, according to BullionVault.
Silver futures for May delivery fell 1.7% to $26.80 per ounce. Wednesday’s high for silver was $27.32, while the low was $26.67.
Gold and silver funds retreated in Wednesday trading.
- The SPDR Gold Trust (NYSE:) slid 1.1%.
- The iShares Gold Trust (NYSE:) fell 1.2%.
- The iShares Silver Trust (NYSE:) sank 1%.
Gold and silver mining ETFs dropped sharply during the day.
- The Market Vectors Gold Miners ETF (NYSE:) tumbled 4.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) plunged 6.4%.
- The Global X Silver Miners ETF (NYSE:) dropped 3.7%.
Gold mining shares pulled back strongly on Wednesday.
- Agnico-Eagle Mines (NYSE:) sank 5.4%.
- Barrick Gold (NYSE:) declined 5.6%.
- Eldorado Gold (NYSE:) slumped 4.9%.
- Goldcorp (NYSE:) retreated 3.6%.
- Kinross Gold (NYSE:) plunged 6%.
- Newmont Mining (NYSE:) fell 3.4%.
- NovaGold Resources (AMEX:) plummeted 7%.
- Yamana Gold (NYSE:) declined 4.5%.
Silver mining shares fell forcefully during the day, too.
- Coeur d’Alene Mines (NYSE:) dropped 5%.
- Hecla Mining (NYSE:) sank 4.6%.
- Pan American Silver (NASDAQ:) fell 4.1%.
- Silver Wheaton (NYSE:) retreated 4.3%.
- Silver Standard Resources (NASDAQ:) tumbled 6.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
