Gold Slid On Profit Taking; Focus on EU Meeting (GLD, GDX, SIL, IAU, ABX, KGC, AUY, AEM, PAAS, SWC, COPX, JJC, FCX, SCCO, TGB)

Published on Monday, 05 December 2011 09:04 Written by Paul Oldrini

New York, December 5^th (TradersHuddle.com) – Gold prices slid on Monday after showing their biggest weekly gain in over a month, as investors were eyeing a key summit in Europe later this week with an optimistic view that measures will be taken to control the growing euro-zone debt crisis.

French President Nicholas Sarkozy and German Chancellor Angela Merkel were meeting in Paris today ahead of the EU summit. Investors are hoping that euro-zone leaders may come up with a plan for closer fiscal union and concrete measures to tackle the debt crisis. Italy announced a 30-billion euro austerity package, which helped bond yields in the country to trade at 3-week lows

Gold prices for February contract fell 0.75% to $1,738 an ounce after rising about % during the last week.

Earlier, Private-sector activity in the euro zone once again contracted in November but at a slower pace than it did in the previous month. Later today, investors will focus on factory- orders data for October as well as the Institute for Supply Management’s non-manufacturing report for November will be released at 10 a.m.

Copper prices were trading flat after posting a 9% rally in the previous weak on a surprise move by major global central banks to provide cheaper liquidity into European banks.

SPDR Gold Trust (ETF)  (NYSE:GLD) slid 0.72% to $168.70.  Market Vectors Etf Trust  (NYSE:GDX) rose 0.57% to $58.40, Global X Silver Miners  (NYSE:SIL) fell 0.80% and iShares Gold Trust (ETF) (NYSE:IAU) slid marginally.

Barrick Gold Corporation (USA)  (NYSE:ABX) slid 0.37%, Kinross Gold Corporation (USA)(NYSE:KGC) slumped 0.93% and Yamana Gold Inc. (USA)(NYSE:AUY) fell 0.32%. Agnico-Eagle Mines Limited (USA)(NYSE:AEM) added 0.07%.

Pan American Silver Corp. (USA)(NASDAQ:PAAS) fell 0.80%, Hecla Mining Company (NYSE:HL) lost 0.19% to $33.52. Stillwater Mining Company (NYSE:SWC) declined 0.82%.

Global X Copper Miners ETF  (NYSE:COPX) is trading lower by 0.10%, iPath Dow Jones-UBS Copper Subindex Total Return ETN  (NYSE:JJC) fell 0.012%.

Freeport-McMoRan Copper & Gold Inc.  (NYSE:FCX) is gaining 2.42% to $40.25 after rising over 16% last week, Southern Copper Corporation (USA)  (NYSE:SCCO) is trading with a loss of 0.19%. Taseko Mines Limited (AMEX:TGB) jumped 1%.