Gold & Copper Slid On Dollar Strength (GLD, GDX, SLV, AGQ, ABX, GG, KGC, NGD, PAAS, SLW, SVM, COPX, JJC, FCX, RIO, SCCO)

Published on Tuesday, 06 December 2011 11:02 Written by Paul Oldrini

New York, December 6^th (TradersHuddle.com) – Gold futures slumped on Tuesday after late Monday Standard & Poor’s issued a warning of possible credit-rating downgrades on 15 euro-zone nations, which is pushing dollar higher.

Gold for February delivery slumped $24.40, or 1.41%, to $1,710.30 on the Comex division of the New York Mercantile Exchange.

The Dollar jumped sharply on reports that Standard & Poor's have put sovereign ratings on 15 euro-zone countries on CreditWatch negative, which could result in a downgrade in the next few months.

Prices of silver also slid 1.54% to $31.88 an ounce, while copper is down 1.55% to $3.56a pound.

The dollar index, which measures the greenback’s performance against six other major currencies, was at 78.81, versus 78.654 in late North American trading.  

SPDR Gold Trust (ETF)  (NYSE:GLD) slid 0.79% to $166.  Market Vectors Etf Trust  (NYSE:GDX) fell 0.52% to $57.56, iShares Silver Trust (ETF)(NYSE:SLV) lost 0.39% and ProShares Ultra Silver (ETF)(NYSE:AGQ) declined 0.70%.

Barrick Gold Corporation (USA)  (NYSE:ABX) lost 0.22%, Goldcorp Inc. (USA)(NYSE:GG) fell 0.45% and Kinross Gold Corporation (USA)(NYSE:KGC) slumped 1.18%. New Gold Inc. (USA)(AMEX:NGD) also fell over 1%.

Pan American Silver Corp. (USA)(NASDAQ:PAAS) lost 0.80%, Silver Wheaton Corp. (USA)(NYSE:SLW) declined 0.80% to $32.37. Silvercorp Metals Inc. (USA)(NYSE:SVM) declined 1.10%.

Global X Copper Miners ETF  (NYSE:COPX) is trading higher by 2.03%, iPath Dow Jones-UBS Copper Subindex Total Return ETN  (NYSE:JJC) fell 0.12%.

Freeport-McMoRan Copper & Gold Inc.  (NYSE:FCX) is falling 0.37% to $40, Rio Tinto plc (ADR)(NYSE:RIO) is trading with a loss of 0.23%. Southern Copper Corporation (USA)(NYSE:SCCO) is gaining over 0.20%.