Gold took a hard fall on Friday, at one point trading at levels not seen since 2010, as the dollar surged in the wake of a surprise stimulus move from the Bank of Japan.
Gold for December delivery GCZ4, -0.16% slumped $27, or 2.3%, to settle at $1,171.60 an ounce, closing out the week 5.3% lower. The precious metal shed 3.7% in October and is down 3.3% for the year to date. December silver SIZ4, -1.03% gave up 31 cents to $16.11 an ounce.
A more hawkish-than expected U.S. Federal Reserve statement has already been weighing on gold this week. The Fed’s ending of its bond-buying stimulus program on Wednesday smacked prices hard as gold shed 2.2% amid signs of a healing economy. The U.S. economy expanded 3.5% in the third quarter, data showed Thursday.
“The surprisingly robust US GDP figures yesterday confirmed the Fed’s more optimistic economic outlook of the day before and thus indirectly dampened demand for gold as a safe haven,” said analysts at Commerzbank, in a note. (more…)
The stocks of gold miners took another dive Friday, as a surprise easing move by the Bank of Japan helped send gold prices to fresh multi-year lows.
The Market Vectors Gold Miners exchange-traded fund GDX, -3.60% dropped 4.3% in morning trade Friday, and have lost 33% of its value over the last three months. The ETF was down as much as 6.3% at an intraday low of $17.06, the lowest level since Oct. 28, 2008, before paring those losses.
Among its most heavily-weighted components, Newmont Mining’s stock NEM, -4.45% tumbled 6.8% to trade below $19 for the first time since Jan. 9, 2002, even after the gold miner reported late Thursday third-quarter profit and sales that exceeded expectations.
Barrick Gold’s stock ABX, +1.64% dropped 3.7% to the lowest level since May 8, 1992. The company also reported better-than-expected results earlier this week. (more…)
Gold mining stocks are on course to take another beating Friday, after new stimulus measures by the Bank of Japan helped trigger another selloff in gold prices. The Market Vectors Gold Miners ETF GDX, -3.60% slumped 4.6% in premarket trade, putting it on track to open at the lowest level since Oct. 28, 2008. Among the ETF’s most heavily-weighted components, the stocks of Goldcorp GG, -3.15% dropped 4%, Barrick Gold ABX, +1.64% shed 3.2% and Newmont Minining NEM, -4.45% slumped 2.8% ahead of the open. The ETF, which tumbled 7.3% on Thursday, has lost 14% year to date to close at about one-quarter of its Sept. 8, 2011 record closing high of $66.63. Meanwhile, the SPDR Gold ETF GLD, -2.17% was down 2.8% in premarket trade, putting it on track to open at the lowest level since April 23, 2010.
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Gold prices sank Thursday, settling below $1,200 for the first time since Oct. 3, after the Federal Reserve pulled the plug on its stimulus program and showed confidence that the U.S. economic recovery is on track.
Gold for December delivery GCZ4, -0.17% skidded $26.30, or 2.2%, to settle at $1,198.60 an ounce. December silver SIZ4, -1.00% dropped 84 cents, or 4.9%, to $16.42 an ounce. (more…)
Gold prices slipped on Wednesday, ahead of what is expected to be the final goodbye to the Federal Reserve’s bond-buying stimulus program.
Gold for December delivery GCZ4, -0.18% fell $4.50 to settle at $1,224.90 an ounce. December silver SIZ4, -1.09% dropped 4 cents to $17.26 an ounce. (more…)
In fact, they’ve gotten worse over the three weeks since I last devoted a column to gold-market sentiment. And sentiment was already unfavorable then.
As a result, any attempt by gold to rally is unlikely to be sustainable. Consider the average recommended gold-market exposure among a subset of short-term gold market timers tracked by the Hulbert Financial Digest (as measured by the Hulbert Gold Newsletter Sentiment Index, or HGNSI). (more…)
Gold prices nudged higher on Tuesday, as investors prepare for life after the Federal Reserve’s bond-buying stimulus program ends.
The Fed is expected to announce the end of that program following the end of its two-day meeting on Wednesday.
Also read: Fed will hold market’s hand as it ends QE3
Gold for December delivery GCZ4, +0.01% edged up 10 cents to settle at $1,229.40 an ounce. December silver SIZ4, -0.09% added 6 cents to $17.23 an ounce. Gold had fallen for two straight sessions after showing signs of life last week. (more…)
Gold prices dipped on Monday, failing to maintain the prior session’s momentum in a busy week of corporate earnings and economic data.
A key meeting of the Federal Reserve, as it is set to announce the end of its 2008-era bond-buying stimulus program this week, also could influence prices of the yellow metal.
Gold for December delivery GCZ4, +0.02% lost 2.50 cents to settle at $1,229.30 an ounce. December silver SIZ4, -0.09% gave up 2 cents to $17.16 an ounce.
On Friday, gold put an end to a two-day losing streak after increased Ebola concerns sent investors to seek the perceived safety of the precious metal. But a better-than-expected reading of a stress test exercise for European banks is weighing on prices. (more…)
Gold futures recovered after two days of losses on Friday, supported by haven demand following news that a doctor in New York contracted Ebola.
Gold futures for December delivery GCZ4, +0.02% rose $2.70, or 0.2%, to settle at $1,231.80 an ounce. For the week, the precious metal is down 0.6%. December silver SIZ4, -0.09% edged up 2 cents to $17.18 an ounce.
Craig Spencer, a doctor who recently traveled to an Ebola-stricken region of Africa, has tested positive for the virus and was placed in isolation.
Gold has been under pressure this week as stocks and other assets perceived as risky rallied. Rising risk appetite robs the yellow metal of its safe-haven appeal. Gold fell Thursday as stocks rallied in the wake of U.S. weekly jobless claims data and upbeat housing figures as well as positive manufacturing indicators from China and Europe. (more…)
Gold futures fell Thursday, undercut as upbeat economic data and favorable corporate earnings results propelled stocks higher, signaling renewed investor appetite for risk and undercutting demand for haven assets like gold.
Gold for December delivery GCZ4, +0.02% slid $16.40, or 1.3%, to settle at $1,229.10 an ounce. December silver SIZ4, -0.06% declined 32 cents, or 1.8%, to $17.23 an ounce.
Gold is lower “on more profit-taking from the shorter-term futures traders and on chart consolidation following recent gains,” wrote Jim Wyckoff, an analyst at Kitco. “Less risk aversion in the marketplace this week has also been a negative for the safe-haven gold market.” (more…)