A slew of lower-than-expected corporate earnings reports sent gold futures tumbling to a six-week low in Tuesday trading. In addition, the U.S. dollar rose, and worries over a slowing global economy intensified.
Gold futures for December delivery dropped to $1,709.40 on Tuesday, according to CME Group. Gold traded as high as $1,731.20 and as low as $1,705.10. Gold bullion closed in London at $1,710, according to BullionVault.
Silver futures for December delivery were also lower, closing down at $31.79 per ounce. Tuesday’s high for silver was $32.50, while the low was $31.65.
Gold and silver funds moved lower in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) fell 1.3%.
- The iShares Gold Trust (NYSE:IAU) declined 1.2%.
- The iShares Silver Trust (NYSE:SLV) tumbled 2.3%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also moved down 2.8%.
- The Global X Silver Miners ETF (NYSE:SIL) fell 3.3%.
Gold mining shares fell back on Tuesday, with Yamana Gold (NYSE:AUY) dropping the most.
- Agnico-Eagle Mines (NYSE:AEM) slid 1.9%.
- Barrick Gold (NYSE:ABX) dipped 1%.
- Eldorado Gold (NYSE:EGO) fell 2.6%.
- Goldcorp (NYSE:GG) declined 2.7%.
- Kinross Gold (NYSE:KGC) tumbled 3.3%.
- Newmont Mining (NYSE:NEM) dropped 3%.
- NovaGold Resources (AMEX:NG) dipped 0.2%.
- Yamana Gold slid 3.9%.
Silver mining shares declined on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE) dropped 4.6%.
- Hecla Mining (NYSE:HL) retreated 2.7%.
- Pan American Silver (NASDAQ:PAAS) declined 2.3%.
- Silver Wheaton (NYSE:SLW) plunged 5.6%.
- Silver Standard Resources (NASDAQ:SSRI) fell 2.6%.
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.