Gold, Silver Shares Turn Lower, Metals Surrender Gains
By jturbin | September 26, 2012 5:37 AM EST
Gold and silver shares relinquished their earlier gains on Tuesday afternoon alongside precious metals and the broader equity markets.
The broad-based sell-off was fueled in part by commentary from Philadelphia Federal Reserve President Charles Plosser, who argued in a speech that the Fed’s third round of quantitative easing (QE3) could threaten the central bank’s credibility and is unlikely to help the U.S. economy.
The U.S. dollar recovered its earlier losses following Plosser’s remarks, which helped put pressure on the precious metals sector.
The Philadelphia Gold & Silver Index (XAU) – which rose as much as 1.7% to 192.30 this morning – fell by 1.3% to 186.74 in afternoon trading. Notable XAU components in the red included Gold Fields (GFI), Harmony Gold (HMY), and Silver Standard Resources (SSRI). GFI dropped by 2.4% to $12.78, HMY by 5.8% to $8.49, and SSRI by 2.3% to $15.46 per share.
( for more information on the sector, including rankings and analysis on over 90 gold and silver stocks, visit GoldAlert pro at http://pro.goldalert.com )
As for the metals themselves, gold futures slid from an intra-day high of $1,777.90 per ounce this morning to $1,761 later in the day for a loss of 0.2%. Silver fared slightly worse than the yellow metal, retreating from $34.54 per ounce this morning to as low as $33.72 per ounce, representing a decline of 0.4%.
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Gold in China: 127-Tonne Gold Reserves Tapped in Xinjiang
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- ANZ Seeks Role in Pilot Global Gold Trading Platform in Shanghai
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Top Surprising Features Of iOS 8
- Twin Malaysia Airlines MH370, MH17 Aviation Disasters Create Phobia Among Travellers
- OnePlus One vs. Moto X+1 – Early Specifications, Release Date and Price Faceoff
- 2014 Ebola Outbreak: ‘Out of control… and Can Get Worse'; Asky Airline Stops Flying to Liberia, Sierra Leone; Liberia Closes Schools