Gold Tumbles Tuesday as U.S. Equities Soar
by Christopher Freeburn | April 2, 2013 4:45 pm
[1]Strong March sales by U.S. automakers, coupled with a Commerce Department report showing domestic factory orders up 3% in February, helped to push gold down sharply in Tuesday trading. The precious metal experienced its largest one-day drop in more than a month as the S&P 500 and Dow Jones Industrial Average closed at record highs.
Gold futures for May delivery dropped 1.6% to $1,575.50 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,603.30 and as low as $1,574.10. Gold bullion closed in London at $1,578, according to BullionVault[3].
Silver futures for May delivery sank 2.5% to $27.25 per ounce. Tuesday’s high for silver was $28.14, while the low was $27.15.
Gold and silver funds moved sharply lower in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) fell 1.5%.
- The iShares Gold Trust (NYSE:IAU[5]) also declined 1.5%.
- The iShares Silver Trust (NYSE:SLV[6]) slid 2.8%.
Gold and silver mining ETFs plummeted during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) plunged 4.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) sank 4.4%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) tumbled 3.3%.
Gold mining shares declined on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) sank 4.2%.
- Barrick Gold (NYSE:ABX[11]) fell 2.6%.
- Eldorado Gold (NYSE:EGO[12]) plunged 9.3%.
- Goldcorp (NYSE:GG[13]) dropped 3.2%.
- Kinross Gold (NYSE:KGC[14]) fell 4.9%.
- Newmont Mining (NYSE:NEM[15]) declined 3.7%.
- NovaGold Resources (AMEX:NG[16]) slid 3.3%.
- Yamana Gold (NYSE:AUY[17]) slumped 4.8%.
Silver mining shares fell during the day.
- Coeur d’Alene Mines (NYSE:CDE[18]) retreated 3.7%.
- Hecla Mining (NYSE:HL[19]) fell 3.6%.
- Pan American Silver (NASDAQ:PAAS[20]) sank 4.5%.
- Silver Wheaton (NYSE:SLW[21]) dropped 4.1%.
- Silver Standard Resources (NASDAQ:SSRI[22]) plunged 5%.
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]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: https://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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