Gold Drops for Third Consecutive Session

Gold and silver fell, while miners mostly sank


PreciousMetalsRecap Gold Drops for Third Consecutive SessionRising home prices and durable goods orders in the U.S., coupled with the apparent resolution of the Cyprus bailout crisis, raised economic optimism and sent gold lower in Tuesday trading.

Gold futures for April delivery sank 0.6% to $1,595.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,605 and as low as $1,593.40. Gold bullion closed in London at $1,602, according to BullionVault.

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Silver futures for April delivery fell 0.5% to $28.65 per ounce. Tuesday’s high for silver was $28.77, while the low was $28.62.

Gold and silver funds slipped in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.3%.
  • The iShares Gold Trust (NYSE:IAU) fell 0.3%.
  • The iShares Silver Trust (NYSE:SLV) declined 0.3%.

Gold and silver mining ETFs mostly declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slid 0.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) inched up 0.1%.

Gold mining shares moved lower on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) declined 0.3%.
  • Barrick Gold (NYSE:ABX) fell 0.6%.
  • Eldorado Gold (NYSE:EGO) dropped 2.3%.
  • Goldcorp (NYSE:GG) edged lower 0.3%.
  • Kinross Gold (NYSE:KGC) slid 0.5%.
  • Newmont Mining (NYSE:NEM) was flat.
  • NovaGold Resources (AMEX:NG) sank 1%.
  • Yamana Gold (NYSE:AUY) retreated 0.8%.

Silver mining shares mostly declined.

  • Coeur d’Alene Mines (NYSE:CDE) slumped 0.7%%.
  • Hecla Mining (NYSE:HL) dipped 0.8%.
  • Pan American Silver (NASDAQ:PAAS) dropped 1.1%.
  • Silver Wheaton (NYSE:SLW) rose 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 1.6%.

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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