A strengthening U.S. dollar pushed gold down slightly in Monday trading. Adding to the metal’s woes were remarks from billionaire George Soros, who told the South China Morning Post that the metal’s poor performance during last year’s near-meltdown in Europe had “destroyed” its safe haven appeal.
Despite his lack of faith in gold, Soros predicted that central banks around the world would continue to increase their reserves of the metal.
Gold futures for May delivery slipped 0.2% to $1,572.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,582.20 and as low as $1,566.80. Gold bullion closed in London at $1,575, according to BullionVault.
Silver futures for May delivery fell 0.3% to $27.14 per ounce. Monday’s high for silver was $27.47, while the low was $27.07.
Gold and silver funds retreated in Monday trading.
- The SPDR Gold Trust (NYSE:GLD) slid 0.4%.
- The iShares Gold Trust (NYSE:IAU) also fell 0.4%.
- The iShares Silver Trust (NYSE:SLV) dipped 0.2%.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) declined 1.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 1.4%.
- The Global X Silver Miners ETF (NYSE:SIL) sank 1%.
Gold mining shares slumped on Monday.
- Agnico-Eagle Mines (NYSE:AEM) fell 0.7%.
- Barrick Gold (NYSE:ABX) dropped 1.3%.
- Eldorado Gold (NYSE:EGO) sank 1.1%.
- Goldcorp (NYSE:GG) declined 1.2%.
- Kinross Gold (NYSE:KGC) retreated 0.7%.
- Newmont Mining (NYSE:NEM) moved down 0.9%.
- NovaGold Resources (AMEX:NG) plunged 3.6%.
- Yamana Gold (NYSE:AUY) dipped 0.6%.
Silver mining shares also pulled back during the day.
- Coeur d’Alene Mines (NYSE:CDE) slid 0.2%.
- Hecla Mining (NYSE:HL) dropped 1.5%.
- Pan American Silver (NASDAQ:PAAS) tumbled 2.2%.
- Silver Wheaton (NYSE:SLW) dropped 1%.
- Silver Standard Resources (NASDAQ:SSRI) sank 2.3%.
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.