Thin Thursday volume
Since the Trump election, precious metal prices have been highly dependent on the headlines related to the Trump Cabinet. Gold edged lower on Thursday as the US dollar started attaining better heights once again. The US dollar, however, traded within reach of an almost 14-year high. The reason behind the surge in the dollar was most likely the positive economic data, which increased expectations of the Federal Reserve increasing interest rates in December.
Gold dropped about 2% in the previous trading session and touched its lowest mark since February 8. US gold futures traded close to $1,183 per ounce. The trading volumes on November 24 remained thin due the Thanksgiving holiday in the United States. Silver also fell, by 0.6%, to approximately $16.30 an ounce after falling to its lowest since June in the previous session. While platinum was down 1.9%, at $913.50, palladium dropped 0.5% to $729.
Funds and miners
The above chart compares the performance of platinum and palladium over the past year. The changes in the precious metals are also closely reflected in mining stocks such as GoldCorp (GG), Hecla Mining (HL), Silver Wheaton (SLW), and Newmont Mining (NEM). Together, these four giant mining companies determine about 19% of the changes in the VanEck Vectors Gold Miners ETF (GDX).