A second meeting between Speaker of the House John Boehner and President Barack Obama suggested that a deal may be close in U.S. budget negotiations, cooling investor enthusiasm for the metal.
Gold futures for February delivery moved up slightly to $1,699.50 on Monday, according to CME Group. Gold traded as high as $1,701 and as low as $1,687.50. Gold bullion closed in London at $1,701, according to BullionVault.
Silver futures for February delivery dipped fractionally to $32.30 per ounce. Monday’s high for silver was $32.40, while the low was $32.14.
Gold and silver funds climbed in Monday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.2%.
- The iShares Gold Trust (NYSE:IAU) also gained 0.2%.
- The iShares Silver Trust (NYSE:SLV) added 0.1%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.3%.
- The Global X Silver Miners ETF (NYSE:SIL) dipped 0.4%.
Gold mining shares were also mixed, with Eldorado Gold (NYSE:EGO) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM) slid 0.5%.
- Barrick Gold (NYSE:ABX) gained 0.8%.
- Eldorado Gold advanced 1.1%.
- Goldcorp (NYSE:GG) rose 0.4%.
- Kinross Gold (NYSE:KGC) dipped 0.2%.
- Newmont Mining (NYSE:NEM) climbed 0.8%.
- NovaGold Resources (NYSE:NG) fell 0.9%.
- Yamana Gold (NYSE:AUY) also retreated 0.9%.
Silver mining shares mostly moved lower on Monday.
- Coeur d’Alene Mines (NYSE:CDE) dropped 1%.
- Hecla Mining (NYSE:HL) advanced 1.6%.
- Pan American Silver (NASDAQ:PAAS) slipped 0.5%.
- Silver Wheaton (NYSE:SLW) was flat.
- 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.