Gold Drops, Silver Stagnant on Tuesday

Analysts says gold needs a 'big bang' to reignite investor interest

   

PreciousMetalsRecap Gold Drops, Silver Stagnant on TuesdayGold futures traded 0.6% lower Tuesday, with a final bid of $1,599.80 per ounce, according to CME Group data. Gold prices reached a high of $1,615.20 and a low of $1,591.20. Gold bullion finished down at $1,603 per ounce for Tuesday’s trading session in London, according to BullionVault.

“Policy expectations will determine the bulk of gold’s performance,” according to a note from UBS. “Gold needs a ‘big bang’ to reignite investor interest, the likely culprit to be policy response from central banks, with US action the key.”

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Silver futures were flat Tuesday, with a final bid of $27.76 per ounce. Tuesday’s high for silver reached $27.97, and the low was $27.76.

Gold funds saw losses Tuesday, while the iShares Silver Trust (NYSE:SLV) edged upward.

  • The SPDR Gold Trust (NYSE:GLD) was down 0.6%.
  • The iShares Gold Trust (NYSE:IAU) was 0.5% lower.
  • The iShares Silver Trust inched up 0.2%.

Gold and silver mining ETFs also suffered losses.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 1.4% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 1.4%.

Most gold mining shares moved south Tuesday. NovaGold Resources (AMEX:NG) bucked the trend.

  • Agnico-Eagle Mines (NYSE:AEM) was down 0.9%.
  • Barrick Gold (NYSE:ABX) finished 0.2% lower.
  • Eldorado Gold (NYSE:EGO) fell 0.7%.
  • Goldcorp (NYSE:GG) dipped 0.4%.
  • Kinross Gold (NYSE:KGC)  was 0.4% lower.
  • Newmont Mining (NYSE:NEM) finished 1.2% lower.
  • NovaGold Resources gained 0.5%.
  • Yamana Gold (NYSE:AUY) finished down 0.3%.

Silver mining shares suffered losses Tuesday, with Silver Standard Resources (NASDAQ:SSRI) among the worst.

  • Coeur d’Alene Mines (NYSE:CDE) dipped 0.3%.
  • Hecla Mining (NYSE:HL) fell 0.9%.
  • Pan American Silver (NASDAQ:PAAS) was 1.7% lower.
  • Silver Wheaton (NYSE:SLW) dropped 0.8%.
  • Silver Standard Resources fell 2.5%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/gold-drops-silver-stagnant-on-tuesday/.

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