Gold Retreats on U.S. Fiscal Impasse
by Christopher Freeburn | December 4, 2012 5:02 pm
[1]Gold 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[2]. 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[3].
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[4]) dipped 1%.
- The iShares Gold Trust (NYSE:IAU[5]) also fell 1%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1.9%.
Gold and silver mining ETFs mostly gained during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 0.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) increased 0.3%.
Gold mining shares were mixed on Tuesday, with Agnico-Eagle Mines (NYSE:AEM[10]) falling the most.
- Agnico-Eagle Mines sank 1.9%.
- Barrick Gold (NYSE:ABX[11]) gained 1.4%.
- Eldorado Gold (NYSE:EGO[12]) edged lower 0.4%.
- Goldcorp (NYSE:GG[13]) advanced 1.7%.
- Kinross Gold (NYSE:KGC[14]) moved up 0.3%.
- Newmont Mining (NYSE:NEM[15]) fell 0.5%.
- NovaGold Resources (NYSE:NG[16]) increased 0.5%.
- Yamana Gold (NYSE:AUY[17]) declined 0.5%.
Silver mining shares moved higher on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) improved 0.7%.
- Hecla Mining (NYSE:HL[19]) rose 0.5%.
- Pan American Silver (NASDAQ:PAAS[20]) inched up 0.1%.
- Silver Wheaton (NYSE:SLW[21]) gained 0.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 1.3%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/12/gold-retreats-on-u-s-fiscal-impasse/