Weak economic reports from Germany and China sent the U.S. dollar up and gold down in Tuesday trading.
Gold futures for May delivery slipped 0.9% to $1,408.7 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,436 and as low as $1,404.70. Gold bullion closed in London at $1,418, according to BullionVault.
Silver futures for May delivery fell 2.2% to $22.82 per ounce. Tuesday’s high for silver was $23.41, while the low was $22.56.
Gold and silver funds retreated in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) dipped 0.7%.
- The iShares Gold Trust (NYSE:IAU) also declined 0.7%.
- The iShares Silver Trust (NYSE:SLV) dropped 2%.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) fell 2.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 3%.
- The Global X Silver Miners ETF (NYSE:SIL) slid 1.4%.
Gold mining shares pulled back on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) dropped 2.3%.
- Barrick Gold (NYSE:ABX) also dipped 2.3%.
- Eldorado Gold (NYSE:EGO) sank 4.1%.
- Goldcorp (NYSE:GG) slid 2.8%.
- Kinross Gold (NYSE:KGC) sank 1.8%.
- Newmont Mining (NYSE:NEM) fell 2.9%.
- NovaGold Resources (AMEX:NG) declined 1.6%.
- Yamana Gold (NYSE:AUY) moved down 2.3%.
Silver mining shares moved lower.
- Coeur d’Alene Mines (NYSE:CDE) fell 2.1%.
- Hecla Mining (NYSE:HL) inched down 0.6%.
- Pan American Silver (NASDAQ:PAAS) sank 1.4%.
- Silver Wheaton (NYSE:SLW) dropped 1.1%.
- Silver Standard Resources (NASDAQ:SSRI) slid 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.