The sell-off in gold futures continued on Thursday, as the COMEX December 2011 contract settled lower by $34.10, or 2.1%, at $1,612.90 per ounce. COMEX gold reached an intra-day low of $1,604.70 at approximately 12:55pm ET, but pared their losses into the COMEX close.
Later this afternoon in electronic trading, the yellow metal traded near $1,622 per ounce. With its decline, gold futures posted their fourth consecutive day of losses and extended their monthly decline above 4.0%.
Silver futures tumbled alongside gold, by $0.70, or 2.2%, to $30.58 per ounce. Gold’s sister precious metal briefly slid below $30 – reaching $29.935 per ounce – before also recapturing a portion of its losses this afternoon. In October, silver is now down 5.0%.
Weakness in precious metals was fueled in part by a better than expected Philadelphia Fed report, a key measure of U.S. manufacturing activity. Additionally, reports that European policymakers remain at odds over the size of a potential leveraged European Financial Stability Fund (EFSF) boosted the U.S. dollar against the euro – which has been a key driver of gold prices in recent weeks.
Aurizon Discovers Two New High Grade Gold Zones at Marban
- The best results from the new High Grade Western Zone include 906.2 grams per tonne (g/t) of gold over 2.9 meters (m) at hole MB-11-198 at a vertical depth of 175m and 5.9 g/t of gold over 15.7m at hole MB-11-195 at a vertical depth of 125m.
- The Eastern Down Dip Zone is located approximately 400m east of the former Marban mine shaft and includes 6.1 g/t of gold over 12.6m at hole MB-11-242 at a vertical depth of 350m.
- A resource estimate will be completed by the end of the year on the Marban property and will be based on new results obtained.
