Better Retail Sales, Stronger U.S. Dollar Push Gold Lower

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Gold Silver GLD IAU SLVGold futures declined for the third consecutive session in the face of continued strength for the U.S. dollar and after a report showed that U.S. retail sales rose more than forecast in April.

Shares of Silver Wheaton (NYSE:SLW) fell 3.6% after the company reported a 9% decline in first-quarter earnings, compared to the same time last year.

Gold futures for June delivery dipped 0.2% to $1,434.30 per ounce on Monday, according to CME Group. Gold traded as high as $1,448.30 and as low as $1,424.70. Gold bullion closed in London at $1,434, according to BullionVault.

Silver futures for June delivery also fell 0.2% to $23.68 per ounce. Monday’s high for silver was $23.77 while the low was $23.50.

Gold and silver funds declined in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 0.9%.
  • The iShares Gold Trust (NYSE:IAU) also fell 0.9%.
  • The iShares Silver Trust (NYSE:SLV) sank 0.7%.

Gold and silver mining ETFs pulled back during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 2.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) slumped 2.6%.

Gold mining shares retreated on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 2.5%.
  • Barrick Gold (NYSE:ABX) slid 2.8%.
  • Eldorado Gold (NYSE:EGO) dropped 3%.
  • Goldcorp (NYSE:GG) dipped 1.9%.
  • Kinross Gold (NYSE:KGC) declined 2.7%.
  • Newmont Mining (NYSE:NEM) fell 1.5%.
  • NovaGold Resources (AMEX:NG) sank 4%.
  • Yamana Gold (NYSE:AUY) slumped 3.1%.

Silver mining shares also moved lower.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 2.6%.
  • Hecla Mining (NYSE:HL) slipped 1.6%.
  • Pan American Silver (NASDAQ:PAAS) fell 2.9%.
  • Silver Wheaton sank 3.6%.
  • Silver Standard Resources (NASDAQ:SSRI) moved down 2.4%.

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.


Article printed from InvestorPlace Media, https://investorplace.com/2013/05/better-retail-sales-stronger-u-s-dollar-push-gold-lower/.

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