A bleak forecast for worldwide economic growth from the International Monetary Fund and worries over an increasingly sluggish China sent gold down for a third straight trading session.
Gold futures for December delivery dropped to $1,765 on Tuesday, according to CME Group. Gold traded as high as $1,781.60 and as low as $1,762. Gold bullion closed in London at $1,767, according to BullionVault.
Silver futures for December delivery also slipped, closing down at $33.99 per ounce. Tuesday’s high for silver was $34.26, while the low was $33.57.
Gold and silver funds slipped in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) dropped 0.6%.
- The iShares Gold Trust (NYSE:IAU) also declined 0.6%.
- The iShares Silver Trust (NYSE:SLV) fell 0.5%.
Gold and silver mining ETFs moved lower for the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) was down 2.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 2%.
- The Global X Silver Miners ETF (NYSE:SIL) slid 2.4%.
Gold mining shares retreated on Tuesday, with Goldcorp (NYSE:GG) showing the biggest decline.
- Agnico-Eagle Mines (NYSE:AEM) closed down 2%
- Barrick Gold (NYSE:ABX) fell 2.1%.
- Eldorado Gold (NYSE:EGO) dropped 2.9%.
- Goldcorp tumbled 3.4%.
- Kinross Gold (NYSE:KGC) slid 2.8%.
- Newmont Mining (NYSE:NEM) slumped 2.3%.
- NovaGold Resources (AMEX:NG) dropped 2.2%.
- Yamana Gold (NYSE:AUY) declined 2.6%.
Silver mining shares closed down in Tuesday trading.
- Coeur d’Alene Mines (NYSE:CDE) sank 1.1%.
- Hecla Mining (NYSE:HL) fell 1.5%.
- Pan American Silver (NASDAQ:PAAS) sagged 1.4%.
- Silver Wheaton (NYSE:SLW) dropped 2.5%.
- Silver Standard Resources (NASDAQ:SSRI) tumbled 4%.
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.