Gold Retreats on U.S. Fiscal Impasse

Gold and silver futures declined, while mining shares were mixed

   

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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