Gold Falls on Greece’s Debt Woes

Gold and silver futures slid and mining shares tumbled

   

Gold Falls on Greece’s Debt Woes

PreciousMetalsRecap Gold Falls on Greece's Debt WoesSquabbling by European leaders over measures to cut Greece’s debt undermined investor confidence in the eurozone, sending gold down in Tuesday trading.

Gold futures for December delivery dropped to $1,724.80 on Tuesday, according to CME Group. Gold traded as high as $1,733.30 and as low as $1,717.60. Gold bullion closed in London at $1,728, according to BullionVault.

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Silver futures for December delivery fell slightly to $32.49 per ounce. Tuesday’s high for silver was $32.83, while the low was $32.10.

Gold and silver funds were mixed in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged down 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also slid 0.2%.
  • The iShares Silver Trust (NYSE:SLV) inched up 0.1%.

Gold and silver mining ETFs pulled back during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 2.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) retreated 1.4%.

Gold mining shares were mostly lower on Tuesday, with Kinross Gold (NYSE:KGC) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) dipped 1.1%.
  • Barrick Gold (NYSE:ABX) slipped 1.6%.
  • Eldorado Gold (NYSE:EGO) rose 1.2%.
  • Goldcorp (NYSE:GG) fell 1.5%.
  • Kinross Gold declined 2.3%.
  • Newmont Mining (NYSE:NEM) moved down 1.1%.
  • NovaGold Resources (NYSE:NG) dropped 1.3%.
  • Yamana Gold (NYSE:AUY) dipped 0.6%.

Silver mining shares mostly retreated on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) inched up 0.1%.
  • Hecla Mining (NYSE:HL) fell 1.2%.
  • Pan American Silver (NASDAQ:PAAS) also dipped 1.2%.
  • Silver Wheaton (NYSE:SLW) slid 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) declined 1%.

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/2012/11/gold-falls-on-greeces-debt-woes/.

©2014 InvestorPlace Media, LLC

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