Gold sank in Tuesday trading as U.S. stock indices soared to new record highs. A combination of good economic news and strong corporate earnings propelled the Dow Jones Industrial Average to close over 15000 for the first time ever, while the S&P 500 closed at a new high for the fourth straight session.
Gold futures for June delivery fell 1.3% to $1,448.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,470 and as low as $1,440.40. Gold bullion closed in London at $1,455, according to BullionVault.
Silver futures for June delivery declined 0.6% to $23.79 per ounce. Tuesday’s high for silver was $23.98, while the low was $23.41.
Gold and silver funds were retreated in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) slid 1.2%.
- The iShares Gold Trust (NYSE:IAU) sank 1.3%.
- The iShares Silver Trust (NYSE:SLV) dipped 0.3%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) tumbled 4.6%.
- The Global X Silver Miners ETF (NYSE:SIL) fell 1.8%.
Gold mining shares pulled back on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) moved down 3%.
- Barrick Gold (NYSE:ABX) slumped 3%.
- Eldorado Gold (NYSE:EGO) dropped 2.9%.
- Goldcorp (NYSE:GG) fell 1.5%.
- Kinross Gold (NYSE:KGC) slipped 0.8%.
- Newmont Mining (NYSE:NEM) declined 1.9%.
- NovaGold Resources (AMEX:NG) sank 2.5%.
- Yamana Gold (NYSE:AUY) slid 2.7%.
Silver mining shares sank.
- Coeur d’Alene Mines (NYSE:CDE) slumped 3.8%.
- Hecla Mining (NYSE:HL) tumbled 4.1%.
- Pan American Silver (NASDAQ:PAAS) fell 2.2%.
- Silver Wheaton (NYSE:SLW) dropped 2.5%.
- Silver Standard Resources (NASDAQ:SSRI) retreated 3.5%.
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.