Gold Consolidates Gains as Investors Await Jobs Data

Gold and silver futures fall; mining stocks broadly slide

   

PreciousMetalsRecap Gold Consolidates Gains as Investors Await Jobs DataAfter hitting a one-year high yesterday, gold remained flat in Tuesday trading as investors braced themselves for the U.S. jobs report, due later this week.

Gold futures for December delivery fell to $1,775.60 on Tuesday, according to CME Group. Gold traded as high as $1,786.60 and as low as $1,772.30. Gold bullion closed in London at $1,776, according to BullionVault.

11103054 gold bullion 200x200 Gold Consolidates Gains as Investors Await Jobs Data
Gold Rallies on Weaker U.S. Dollar

Silver futures for December delivery also slipped, closing down at $34.67 per ounce. Tuesday’s high for silver was $35.12, while the low was $34.42.

Gold and silver funds edged lower in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also fell 0.1%.
  • The iShares Silver Trust (NYSE:SLV) declined 0.5%.

Gold and silver mining ETFs also posted modest declines during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 0.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.2%.

Gold mining shares mostly fell on Tuesday, with NovaGold Resources (AMEX:NG) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) moved lower 0.5%
  • Barrick Gold (NYSE:ABX) slid 0.7%.
  • Eldorado Gold (NYSE:EGO) dipped 0.8%.
  • Goldcorp (NYSE:GG) fell 1.3%.
  • Kinross Gold (NYSE:KGC) rose 1.5%.
  • Newmont Mining (NYSE:NEM) edged down 0.1%.
  • NovaGold Resources dropped 2.1%.
  • Yamana Gold (NYSE:AUY) declined 1.1%

Silver mining shares closed mostly down in Tuesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) fell 2.4%.
  • Hecla Mining (NYSE:HL) slid 0.8%.
  • Pan American Silver (NASDAQ:PAAS) gained 0.6%.
  • Silver Wheaton (NYSE:SLW) declined 1.1%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 1.5%.

As of this writing, Christopher Freeburn 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/2012/10/gold-consolidates-gains-as-investors-await-jobs-data/.

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