Gold Hits Three-Month Low on Cliff Progress

by Christopher Freeburn | December 18, 2012 4:57 pm

Gold Silver GLD IAU SLV[1]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[2]. 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[3].

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[10]), 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[23] contributed to this report.

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  2. CME Group:
  3. BullionVault:
  4. GLD:
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  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. NG:
  11. AEM:
  12. ABX:
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  14. GG:
  15. KGC:
  16. NEM:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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