Growing confidence in the U.S. economy and expectations that the Federal Reserve might reduce economic stimulus efforts sent gold down modestly in Tuesday trading, its fourth consecutive losing session. Gold’s safe haven appeal has seemed to wane as U.S. equity markets play around five-year highs.
Gold futures for March delivery slipped 0.3% to $1,603.60 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,617.90 and as low as $1,600.30. Gold bullion closed in London at $1,608, according to BullionVault.
Silver futures for March delivery dropped 1.4% to $29.42 per ounce. Tuesday’s high for silver was $30.15, while the low was $29.18.
Gold and silver funds moved lower in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) fell 0.3%.
- The iShares Gold Trust (NYSE:IAU) also declined 0.3%.
- The iShares Silver Trust (NYSE:SLV) dropped 1.4%.
Gold and silver mining ETFs also declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 1.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 3.3%.
- The Global X Silver Miners ETF (NYSE:SIL) tumbled 2.3%.
Gold mining shares mostly slumped on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) declined 1%.
- Barrick Gold (NYSE:ABX) slipped 0.4%.
- Eldorado Gold (NYSE:EGO) fell 1.2%.
- Goldcorp (NYSE:GG) moved down 0.5%.
- Kinross Gold (NYSE:KGC) declined 0.8%.
- Newmont Mining (NYSE:NEM) retreated 1%.
- NovaGold Resources (AMEX:NG) gained 1.3%.
- Yamana Gold (NYSE:AUY) dropped 0.5%.
Silver mining shares also headed lower.
- Coeur d’Alene Mines (NYSE:CDE) sank 3.4%.
- Hecla Mining (NYSE:HL) dropped 2.7%.
- Pan American Silver (NASDAQ:PAAS) fell 1.3%.
- Silver Wheaton (NYSE:SLW) declined 1.6%.
- Silver Standard Resources (NASDAQ:SSRI) dipped 0.3%.
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.