by Christopher Freeburn | December 18, 2012 4:57 pm
Reports suggesting that U.S. House Speaker John Boehner and President Barack Obama were moving closer to a fiscal cliff deal sent gold tumbling to a three-month low. Investors grew concerned that a budget deal could mean less economic stimulus from the federal government.
Gold futures for February delivery dropped 1.6% to $1,670.70 on Tuesday, according to CME Group. Gold traded as high as $1,704.40 and as low as $1,662. Gold bullion closed in London at $1,674, according to BullionVault.
Silver futures for February delivery fell almost 2% to $31.64 per ounce. Tuesday’s high for silver was $32.54, while the low was $31.41.
Gold and silver funds sank in Tuesday trading.
Gold and silver mining ETFs were down during the day.
Gold mining shares fell, with NovaGold Resources (NYSE:NG), falling the most.
Silver mining shares slid on Tuesday.
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.
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