Gold Stocks Pull Back Sharply After Seeing Early Strength
New York (Jun 16) Gold stocks have shown a substantial downturn over the course of the trading session on Thursday after seeing initial strength. After rising as much as 3.3%, the NYSE Arca Gold Bugs Index has tumbled by 1.9%.
The pullback by gold stocks came as the price of the precious metal gave back ground after reaching it highest intraday level in almost two years. Gold for August delivery still ended the day up USD10.10 at USD1,298.40 an ounce.