Gold tumbled in Thursday trading, a day after the U.S. Federal Reserve announced plans to begin scaling back its monthly bond-buying by $10 billion a month.
The metal fell to its lowest close since August 2010 in heavy trading. Silver joined gold, falling sharply during the day.
Gold futures for February delivery dropped 3.4% to $1,193.60 per ounce on Thursday, according to . Gold traded as high as $1,226 and as low as $1,191.60. Bullion closed in London at $1,193, according to .
Silver futures for March delivery sank 4.4%, to $19.19 per ounce. Thursday’s high for silver was $19.91, while the low was $19.10.
Metal funds fell on Thursday.
- The SPDR Gold Shares () slid 2.4%.
- The iShares Gold Trust () dropped 2.4%.
- The iShares Silver Trust () sank 3.1%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF () fell 1.7%.
- The Market Vectors Junior Gold Miners ETF () slumped 3%.
- The Global X Silver Miners ETF () declined 1.6%.
Gold stocks mostly declined on Thursday.
- Agnico-Eagle Mines () dropped 2.3%.
- Barrick Gold () slid 2%.
- Eldorado Gold () dipped 0.9%.
- Goldcorp () waned 1.5%.
- Kinross Gold () fell 2.2%.
- Newmont Mining () moved down 1.6%.
- NovaGold Resources () climbed 0.9%.
- Yamana Gold () pulled back 1.6%.
Silver mining shares sank during the day.
- Coeur d’Alene Mines () retreated 1.7%.
- Hecla Mining () dipped 0.8%.
- Pan American Silver () fell 0.8%.
- Silver Wheaton () declined 1.8%.
- Silver Standard Resources () tumbled 3.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
