Gold Trims Swiss Frac-Related Gains Early (GLD) (IAU)

Gold is lower in early trading Friday following speculation that Thursday's jump higher on Swiss franc-related currency volatility was a little too fast.

The precious metal moved as much as 2.6 percent higher on Thursday following weakness in the dollar on a slumping Swiss franc. The Swiss National Bank (SNB) removed its euro currency cap on the franc, nothing that, while the currency is still strong, the overvaluation has decreased as a whole.

Gold for February delivery is down $3.70 to $1,261.1 per ounce on the Comex. Despite today's move, the metal is still up about 3.5 percent on the week, its largest one-week move since last February.

Gold equities/ETFs on watch today include: Barrick Gold (NYSE: ABX), Agnico Eagle Mines Ltd. (NYSE: AEM), Newmont Mining (NYSE: NEM), Yamana (NYSE: AUY), Franco-nevada Corporation (NYSE: FNV), Silver Wheaon (NYSE: SLW), Randgold Resources Ltd (Nasdaq: GOLD), Eldorado Gold Corporation (NYSE: EGO), Goldcorp (NYSE: GG), SPDR Gold Shares (NYSE: GLD), iShares Gold Trust (NYSE: IAU), Market Vectors Gold Miners ETF (NYSE: GDX), and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ).

You May Also Be Interested In

• Crude Inventory Rose 2 Million Barrels Last Week - EIA
• UBS recommends adding gold exposure on pullbacks at this price
• CPI (Jun MoM) -0.4% vs -0.1% Expected; Ex-food and Energy 0.0% vs 0.2%