Gold Consolidates Gains as Investors Await Jobs Data

Gold and silver futures fall; mining stocks broadly slide


Gold Silver GLD IAU SLVAfter 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.

Gold Rallies on Weaker U.S. Dollar
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.

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