Gold Hits Three-Month Low on Cliff Progress

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

PreciousMetalsRecap Gold Hits Three Month Low on Cliff Progress[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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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