This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Slumps for a Sixth-Straight Day

NEW YORK ( TheStreet) -- Gold prices continued a downward spiral on Thursday after a break through key technical support on Wednesday carried more pressure on the yellow metal.

Gold for June delivery at the COMEX division of the CME was dropping $9.90 to $1,386.30 an ounce. The gold price traded as high as $1,397 and as low as $1,368 an ounce, while the spot price was slipping $3.30, according to Kitco's gold index.

"The gold bears are in near-term technical control and have gained downside momentum with Wednesday's close below the key psychological level of $1,400," Jim Wyckoff, senior analyst at, wrote in a note on Thursday.

Silver prices for July delivery were down 6 cents at $22.60 an ounce, while the U.S. dollar index was falling 0.24% to $83.58.

The World Gold Council reported on Thursday that gold ETFs saw net outflows of 177 tons in the first quarter of 2013. The World Gold Council's subsidiary World Gold Trust Services sponsors the SPDR Gold Trust (GLD) gold ETF. The report said there wasn't enough physical demand to offset ETF outflows, but jewelry demand rose 12% against the same quarter last year.

"There was a decrease in investment demand ... led by ETFs, but overall bars and coins and jewelry were up," Juan Carlos Artigas, head of investment research at the World Gold Council, said in an interview.

Funds also reported major outflows from exchange-traded gold funds as 13-F filings released on Thursday by billionaire George Soros, BlackRock and Northern Trust revealed the first-quarter exodus.

Gold mining stocks were mostly higher on Thursday. Shares of Gold Fields (GFI - Get Report) were rising 4.3%, and shares of Randgold Resources (GOLD - Get Report) were up 4.1%.

Among volume leaders, Barrick Gold (ABX - Get Report) was adding 0.45%.

SPDR Gold Trust was decreasing 0.25% to $134.30 a share, while iShares Gold Trust (IAU) was off 0.32% at $13.50 a share.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ABX $19.37 0.00%
GOLD $100.50 0.00%
GLD $123.65 0.00%
GFI $4.70 0.00%
IAU $12.48 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs