Gold Retreats on U.S. Fiscal Impasse

Gold and silver futures declined, while mining shares were mixed

   

Gold Retreats on U.S. Fiscal Impasse

PreciousMetalsRecap Gold Retreats on U.S. Fiscal ImpasseGold fell sharply in Tuesday trading, dropping below $1,700 an ounce, as budget talks in Washington appeared to be going nowhere and precious metal prices were dragged down across the board as a result.

Gold futures for December delivery rose to $1,697 on Tuesday, according to CME Group. Gold traded as high as $1,716.80 and as low as $1,691.60. Gold bullion closed in London at $1,700, according to BullionVault.

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Silver futures for December delivery rose to $32.94 per ounce. Tuesday’s high for silver was $33.48, while the low was $32.72.

Gold and silver funds slid in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 1%.
  • The iShares Gold Trust (NYSE:IAU) also fell 1%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.9%.

Gold and silver mining ETFs mostly gained during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) increased 0.3%.

Gold mining shares were mixed on Tuesday, with Agnico-Eagle Mines (NYSE:AEM) falling the most.

  • Agnico-Eagle Mines sank 1.9%.
  • Barrick Gold (NYSE:ABX) gained 1.4%.
  • Eldorado Gold (NYSE:EGO) edged lower 0.4%.
  • Goldcorp (NYSE:GG) advanced 1.7%.
  • Kinross Gold (NYSE:KGC) moved up 0.3%.
  • Newmont Mining (NYSE:NEM) fell 0.5%.
  • NovaGold Resources (NYSE:NG) increased 0.5%.
  • Yamana Gold (NYSE:AUY) declined 0.5%.

Silver mining shares moved higher on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) improved 0.7%.
  • Hecla Mining (NYSE:HL) rose 0.5%.
  • Pan American Silver (NASDAQ:PAAS) inched up 0.1%.
  • Silver Wheaton (NYSE:SLW) gained 0.2%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.3%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2012/12/gold-retreats-on-u-s-fiscal-impasse/.

©2014 InvestorPlace Media, LLC

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