Gold Extends Slide on Swiss Vote Concerns

Gold prices took another hit on Thursday, extending the prior session’s declines in the wake of word that a Swiss vote, which could require the country’s central bank to ramp up its holdings in bullion, may be losing support.

Gold for December delivery GCZ4, -0.65% lost $10.70, or 0.9%, to $1,183.20 an ounce. December silver SIZ4, -1.22% was hit even harder, down 20 cents, or 1.3%, to $16.08 an ounce.

A day earlier, gold took a hard hit early, but managed to recover some of the lost ground. The Fed minutes indicated that policy makers discussed how to present the upcoming rate hikes to the market, which are expected some time next year.

On the economic front, initial weekly unemployment claims and the consumer price Index for October will both be released at 8:30 a.m. Eastern. Existing home sales for last month hits 90 minutes later. Traders will also get a peak at the Philly Fed manufacturing survey for November.

In other metals trading, January platinum PLF5, -0.66% shed $13.60, or 1.1%, to $1,185.70 an ounce, while December palladium PAZ4, -0.77% gave up $5.85, or 0.8%, to $764.10 an ounce. High-grade copper for December delivery HGZ4, -0.59% lost a penny to $3.03 a pound.

Source: MarketWatch