Gold extended yesterday’s losses, falling sharply Thursday for a second consecutive session on better economic news.
A report from the Labor Department indicated that first-time unemployment claims fell more than expected last week. Separately, the government said that U.S. wholesale prices slid a seasonally adjusted 0.2% last month. That marked the second straight month that wholesale prices have declined and followed yesterday’s announcement that consumer prices dipped 0.1% in October. Both reports weaken gold’s appeal as an inflation hedge.
Gold futures for December delivery sank 1.1% to $1,243.60 per ounce on Thursday, according to . Gold traded as high as $1,250 and as low as $1,235.80. Bullion closed in London at $1,245, according to .
Silver futures for December declined 0.6% to $19.93 per ounce. Thursday’s high for silver was $20.05, while the low was $19.71.
Metal funds were mixed in Thursday trading.
- The SPDR Gold Shares () slipped 0.2%.
- The iShares Gold Trust () dipped 0.1%.
- The iShares Silver Trust () rose 0.6%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF () dropped 1.4%.
- The Market Vectors Junior Gold Miners ETF () sank 0.7%.
- The Global X Silver Miners ETF () slid 0.9%.
Gold stocks sank on Thursday.
- Agnico-Eagle Mines () decreased 2.2%.
- Barrick Gold () moved lower 1.9%.
- Eldorado Gold () fell 1%.
- Goldcorp () slid 0.8%.
- Kinross Gold () waned 1.3%.
- Newmont Mining () dipped 1.9%.
- NovaGold Resources () dropped 1.8%.
- Yamana Gold () declined 1.1%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines () inched down 0.1%.
- Hecla Mining () fell 1.3%.
- Pan American Silver () dropped 1.9%.
- Silver Wheaton () sank 0.4%.
- Silver Standard Resources () slid 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.
