Rising equities markets around the world undercut gold’s attractiveness to investors, sending the precious metal down in Monday trading.
The Dow Jones Industrial Average and S&P 500 hit record highs early in the session — with the DJIA breaking through the 16,000 mark for the first time ever. However, gains sputtered in the afternoon and the DJIA closed below its high mark, while the S&P 500 drifted into negative territory. Equities markets in Europe closed higher.
Gold futures for December delivery dropped 1.2% to $1,272.30 per ounce on Monday, according to . Gold traded as high as $1,289.20 and as low as $1,269.20. Bullion closed in London at $1,276, according to .
Silver futures for December fell 1.8% to $20.36 per ounce. Monday’s high for silver was $20.80, while the low was $20.29.
Metal funds pulled back in Monday trading.
- The SPDR Gold Shares () sank 1.1%.
- The iShares Gold Trust () slid 1%.
- The iShares Silver Trust () declined 1.7%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF () fell 1.9%.
- The Market Vectors Junior Gold Miners ETF () dropped 2%.
- The Global X Silver Miners ETF () slipped 1.7%.
Gold stocks sank on Monday.
- Agnico-Eagle Mines () dropped 3.5%.
- Barrick Gold () fell 2.2%.
- Eldorado Gold () declined 3.2%.
- Goldcorp () dipped 0.7%.
- Kinross Gold () slid 3.5%.
- Newmont Mining () moved down 2.7%.
- NovaGold Resources () tumbled 3.8%.
- Yamana Gold () pulled back 1.7%.
Silver mining shares declined during the day.
- Coeur d’Alene Mines () waned 2.3%.
- Hecla Mining () dropped 3.2%.
- Pan American Silver () fell 2.1%.
- Silver Wheaton () sank 2.2%.
- Silver Standard Resources () decreased 3.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
