by Christopher Freeburn | April 2, 2013 4:45 pm
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. 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.
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.
Gold and silver mining ETFs plummeted during the day.
Gold mining shares declined on Tuesday.
Silver mining shares fell during the day.
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.
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