Gold Dips on Stronger U.S. Economic Outlook
by Christopher Freeburn | February 5, 2013 4:42 pm
[1]Gold backed away from an initial rally on Tuesday and ended with small decline for the day as traders considered better economic news from the U.S., including a report that the U.S. federal deficit would decline to $845 billion this year. Federal deficits have topped $1 trillion for the last four years.
Gold futures for March delivery dipped fractionally to $1,672.80 on Tuesday, according to CME Group[2]. Gold traded as high as $1,686.10 and as low as $1,666.80. Gold bullion closed in London at $1,675, according to BullionVault[3].
Silver futures for March delivery edged up 0.5% to $31.88 per ounce. Tuesday’s high for silver was $32.12 an ounce, while the low was $31.62.
Gold and silver funds mostly gained in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) was flat.
- The iShares Gold Trust (NYSE:IAU[5]) edged up 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) rose 0.2%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slipped 1%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) gained 0.3%.
Gold mining shares were mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) sank 0.5%.
- Barrick Gold (NYSE:ABX[11]) rose 0.5%.
- Eldorado Gold (NYSE:EGO[12]) increased 0.4%.
- Goldcorp (NYSE:GG[13]) edged down 0.1%.
- Kinross Gold (NYSE:KGC[14]) declined 0.3%.
- Newmont Mining (NYSE:NEM[15]) climbed 0.5%.
- NovaGold Resources (AMEX:NG[16]) fell 0.7%.
- Yamana Gold (NYSE:AUY[17]) gained 0.3%.
Silver mining shares also mixed.
- Coeur d’Alene Mines (NYSE:CDE[18]) dipped 0.8%.
- Hecla Mining (NYSE:HL[19]) rose 1.5%.
- Pan American Silver (NASDAQ:PAAS[20]) gained 0.5%.
- Silver Wheaton (NYSE:SLW[21]) advanced 0.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) slid 1.2%.
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: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/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/2013/02/gold-dips-on-stronger-u-s-economic-outlook/