Gold Dips on Stronger U.S. Economic Outlook

by Christopher Freeburn | February 5, 2013 4:42 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs declined during the day.

Gold mining shares were mixed on Tuesday.

Silver mining shares also mixed.

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.

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