Gold Falls as U.S. Dollar Advances

by Christopher Freeburn | April 23, 2013 4:59 pm

[1]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[2]. 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[3].

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[4]) dipped 0.7%.
• The iShares Gold Trust (NYSE:IAU[5]) also declined 0.7%.
• The iShares Silver Trust (NYSE:SLV[6]) dropped 2%.

Gold and silver mining ETFs moved lower during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 2.2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) sank 3%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) slid 1.4%.

Gold mining shares pulled back on Tuesday.

• Agnico-Eagle Mines (NYSE:AEM[10]) dropped 2.3%.
• Barrick Gold (NYSE:ABX[11]) also dipped 2.3%.
• Eldorado Gold (NYSE:EGO[12]) sank 4.1%.
• Goldcorp (NYSE:GG[13]) slid 2.8%.
• Kinross Gold (NYSE:KGC[14]) sank 1.8%.
• Newmont Mining (NYSE:NEM[15]) fell 2.9%.
• NovaGold Resources (AMEX:NG[16]) declined 1.6%.
• Yamana Gold (NYSE:AUY[17]) moved down 2.3%.

Silver mining shares moved lower.

• Coeur d’Alene Mines (NYSE:CDE[18]) fell 2.1%.
• Hecla Mining (NYSE:HL[19]) inched down 0.6%.
• Pan American Silver (NASDAQ:PAAS[20]) sank 1.4%.
• Silver Wheaton (NYSE:SLW[21]) dropped 1.1%.
• Silver Standard Resources (NASDAQ:SSRI[22]) slid 3%.

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.

Source URL: https://investorplace.com/2013/04/gold-falls-as-u-s-dollar-advances/

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