Facebook (FB), GoPro (GPRO) and Groupon (GRPN) shoot higher on Q2 earnings beat. READ MORE

Gold Slips on Boehner Budget Remarks

Gold and silver futures declined, while miners were mixed

   

Gold Silver GLD IAU SLVGold snapped a three-day streak of gains on Tuesday, falling modestly after U.S. House of Representatives Speaker John Boehner expressed hope that the U.S. fiscal cliff could be averted with a budget deal.

Gold futures for December delivery dipped $1709.20 on Tuesday, according to CME Group. Gold traded as high as $1,714.10 and as low as $1,705.90. Gold bullion closed in London at $1,713, according to BullionVault.

Trade of the Day: Play Gold’s Decline
Trade of the Day: Play Gold’s Decline

Silver futures for December delivery fell to $32.89 per ounce. Tuesday’s high for silver was $33.19, while the low was $32.78.

Gold and silver funds declined in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.1%.
  • The iShares Silver Trust (NYSE:SLV) dropped 0.7%.

Gold and silver mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) edged up 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 0.4%.

Gold mining shares were mixed, with NovaGold Resources (NYSE:NG) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) slid 1.1%.
  • Barrick Gold (NYSE:ABX) moved down 0.5%.
  • Eldorado Gold (NYSE:EGO) sank 0.8%.
  • Goldcorp (NYSE:GG) dropped 1.1%.
  • Kinross Gold (NYSE:KGC) increased 0.8%.
  • Newmont Mining (NYSE:NEM) gained 0.3%.
  • NovaGold Resources sank 1.9%.
  • Yamana Gold (NYSE:AUY) dipped 1.1%.

Silver mining shares moved higher on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 2.1%.
  • Hecla Mining (NYSE:HL) climbed 0.5%.
  • Pan American Silver (NASDAQ:PAAS) edged up 0.2%.
  • Silver Wheaton (NYSE:SLW) gained 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 1.5%.

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-slips-on-boehner-budget-remarks/.

©2016 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.