Gold declined on Tuesday as investors worried that Washington might not reach a deal to avoid the fiscal cliff of mandatory tax hikes and spending cuts, even as European negotiators reported progress in Greek debt talks.
Gold futures for December delivery dropped to $1,742.30 on Tuesday, according to CME Group. Gold traded as high as $1,751.90 and as low as $1,741.20. Gold bullion closed in London at $1,742, according to BullionVault.
Silver futures for December delivery slipped to $33.98 per ounce. Tuesday’s high for silver was $34.28, while the low was $33.91.
Gold and silver funds moved lower in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) slid 0.4%.
- The iShares Gold Trust (NYSE:IAU) also dipped 0.4%.
- The iShares Silver Trust (NYSE:SLV) declined 0.3%.
Gold and silver mining ETFs also fell during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 2%.
- The Global X Silver Miners ETF (NYSE:SIL) moved down 1.2%.
Gold mining shares declined on Tuesday, with Goldcorp (NYSE:GG) falling the hardest.
- Agnico-Eagle Mines (NYSE:AEM) sank 3.5%.
- Barrick Gold (NYSE:ABX) dropped 2%.
- Eldorado Gold (NYSE:EGO) slid 3%.
- Goldcorp tumbled 4.6%.
- Kinross Gold (NYSE:KGC) dipped 1.4%.
- Newmont Mining (NYSE:NEM) edged lower 0.8%.
- NovaGold Resources (NYSE:NG) fell 1.7%.
- Yamana Gold (NYSE:AUY) slipped 1.3%.
Silver mining shares moved lower on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE) fell 3.6%.
- Hecla Mining (NYSE:HL) sank 1.2%.
- Pan American Silver (NASDAQ:PAAS) declined 1.6%.
- Silver Wheaton (NYSE:SLW) dropped 1.1%.
- Silver Standard Resources (NASDAQ:SSRI) tumbled 3%.
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.