by Christopher Freeburn | December 4, 2012 5:02 pm
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. 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.
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.
Gold and silver mining ETFs mostly gained during the day.
Gold mining shares were mixed on Tuesday, with Agnico-Eagle Mines (NYSE:AEM) falling the most.
Silver mining shares moved higher on Tuesday.
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.
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