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.
Endnotes:- [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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