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Gold and silver futures surrendered their gains Thursday afternoon following the close of open-pit trading at the COMEX.
Gold for April delivery – the most actively-traded contract – closed higher by $9.90, or 0.6%, at $1,741.20 per ounce on the COMEX but soon after fell toward $1,430 per ounce in electronic trading.
Silver futures followed a similar trajectory, as the COMEX March contract settled higher by $0.21, or 0.6%, at $33.92 per ounce but subsequently slid toward $33.80 per ounce.
Gold and silver stocks headed south as well, with the Philadelphia Gold & Silver Index (XAU) turning a 0.6% gain into a 0.5% loss at 198.06 this afternoon. Notable decliners included Goldcorp (GG), Kinross Gold (KGC), and Silver Wheaton (SLW) – which retreated 1.2%, 1.2%, and 1.0%, respectively.
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Weakness in precious metals coincided with a rebound in the U.S. dollar, which recouped the large majority ofits losses from this morning against a composite of the world’s leading fiat currencies.
