Gold and silver, along with share prices, were recovering Tuesday morning from Monday’s morning sell-off.
Spot gold was up 0.35%, bid at $1,639.50 as of 11:23 a.m., having traded as high as $1,650.50 and as low as $1,639.50 an ounce, according to Kitco market data. The London afternoon reference price was set at $1,649.50, $20.50 an ounce higher than Friday’s afternoon reference price.
Spot silver was showing a gain of 0.39%, bid at $30.98. The morning high as of time of writing was $31.25 and the low was $30.73. Tuesday’s reference price was set at $30.86 an ounce in the London a.m., 30 cents an ounce below Monday’s price fix.
Weekly U.S. retail sales growth accelerated, rising 0.8% in the April 21 week, according to the latest ICSC-Goldman same-store sales index. Warm weather, a drop in gasoline prices and improving confidence among high-income households is fueling an uptrend, according to the report.
Dutch, French and Spanish government bond yields declined Tuesday morning following yesterday’s treasury auctions and the collapse of the presiding Dutch government.
With the U.S. Federal Reserve Open Market Committee (FOMC) meeting today and tomorrow, economists don’t expect the FOMC to carry out any additional quantitative easing during the next 12 months, according to a CNBC Fed survey of 53 economists.
Central bank demand for gold continues to support gold above the $1,600-an-ounce mark, according to GoldCore report. The central banks of Russia (+16.5 tons) and Mexico (+16.8 tons) added nearly $1 billion of gold to their reserves in March, while their counterparts in Argentina and Turkey were among eight other central banks to have added gold to their reserves last month.
Gold and silver trusts were moving higher in U.S. stock exchange trading Tuesday morning.
The SPDR Gold Trust (NYSE:GLD) was up around 0.32%.
The iShares Gold Trust (NYSE:IAU) was around 0.25% higher.
The iShares Silver Trust (NYSE:SLV) was some 0.3% higher.
Gold and silver mining ETFs were regaining lost ground as well.
The Market Vectors Gold Miners ETF (NYSE:GDX) was showing gains of more than 0.4%
The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up around 1%.
The Global X Silver Miners ETF (NYSE:SIL) was around 0.2% higher.
Gold mining shares were broadly higher, Newmont Mining and NovaGold Resources the exceptions.
Agnico-Eagle Mines (NYSE:AEM) was showing gains of around 0.8%.
Barrick Gold (NYSE:ABX) was up nearly 0.2%.
Eldorado Gold (NYSE:EGO) was up more than 1.4%.
Goldcorp (NYSE:GG) was showing gains of 0.45% and more.
Kinross Gold Corp. USA (NYSE:KGC) was lower, down more than 0.5%.
Newmont Mining (NYSE:NEM) was down more than 3.4%.
NovaGold Resources (NYSEAMEX:NG) was down around 0.75%.
Yamana Gold (USA) (NYSE:AUY) was up more than 0.1%.
Silver mining shares were showing gains, though Pan American Silver was hovering around flat line.
Coeur d’Alene Mines (NYSE:CDE) was showing gains of around 0.75%.
Hecla Mining (NYSE:HL) was around 1% higher.
Pan American Silver (NASDAQ:PAAS) was moving between smallish gains and losses.
Silver Wheaton (NYSE:SLW) was up nearly 0.9%.
Silver Standard Resources (NASDAQ:SSRI) was up around 0.3%.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
