Precious metals have been trading lower over the last few sessions. This may be attributed to the recent upward move in equities, as these securities typically trade in an inverse correlation.
Gold futures are down 3.4 percent from last week’s $1321 high. On Thursday morning, gold last traded at $1278.10 per ounce. Similarly, Silver futures have sold off three percent from last week's highs. Silver is down 11 percent from July highs, last trading at $19.36 per ounce.
Miners have also been trading down. Market Vectors Gold Miners ETF (NYSE: GDX): has confirmed the move in precious metals, down three percent from Monday's open.
Miners are moving sharply lower in Thursday's trade:
- Newmont Mining (NYSE: NEM) down 1.3 percent, trading at $26.36
- Barrick Gold (NYSE: ABX) down 2.5 percent, trading at $18.25
- Silver Wheaton (NYSE: SLW) down 3.1 percent, trading at $24.68
- Goldcorp (NYSE: GG) down 3.7 percent, trading at $27.34
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