Gold Slumps as U.S. Stock Market Surges, U.S. Dollar Strengthens

Gold prices ended the U.S. day session solidly lower Thursday, on more profit taking from the shorter-term futures traders and on a weakening near-term technical posture that prompted chart-based selling. Less risk aversion in the market place this we…

Mining Industry Needs To Loosen Up With Innovation – Nippon Dragon CEO

(Kitco News) – André Savard, president and chief executive officer of Nippon Dragon, spoke with Kitco News at Québec Mining Exploration Xplor 2014 Convention in Montreal, Quebec, said the mining industry knows they need to innovate, but it’s been a slow process.

Recovery In Equities Putting Comex Gold Back Under Pressure

Equities have recovered as risk sentiment improves, taking the steam out of the recent rally in gold, traders and analysts said.

Gold Extends Early Losses as U.S. Dollar Index Rallies

Gold prices are solidly lower in late-morning U.S. dealings Thursday, as the selling pace has picked up from moderate losses seen in early trading. The uptick in the U.S. dollar index has combined with rallying U.S. stock indexes to put significant do…

Thursday’s Forex Analytical Charts

Thursday’s Analytical Charts for Gold, Silver and Platinum and Palladium

R.J. O’Brien’s Toth: $1,232 Key Short-Term Level For December Gold

Technically, the area around $1,232 an ounce is a key short-term level for Comex December gold, says Dave Toth, markets insights senior analyst with R.J. O’Brien. This was the low from Friday before the contract ran to a nearly six-week high of $1,255.60 on Tuesday. “Such a sub-$1,232 failure would, in fact, break this month’s uptrend from (the Oct. 6) $1,183.30 low and expose AT LEAST a correction of this rally,” Toth says in a research note. “And against the backdrop of a three-year downtrend and the prospect that October’s recovery is just a correction of the decline from July’s $1,346.80 high (on a continuation chart), a resumption of the secular bear to new lows below $1,183 is also on the table.” As of 9:48 a.m. EDT, December gold was down $9.70 to $1,235.80 an ounce and hit a low of $1,232.40.

U.S. Flash PMI Falls To 56.2 In October

(Kitco News) – The U.S. manufacturing sector lost momentum in October, according to the latest Purchasing Managers Index data.

Abitibi Royalties Eyeing First Income Beginning In 2015 – Ian Ball

(Kitco News) – Quebec-based Abitibi Royalties Inc. (TSXV:RZZ) expects to begin receiving its first royalty income from the Canadian Malartic mine, located in northern Quebec, at the beginning of 2015.

CME Group Lowers Margins For Far Deferred Copper Futures

CME Group lowered margins for some far deferred copper futures contract months, which will be effective after the close of business Thursday, the exchange operator said in a late-Wednesday notice.