Gold Drops Amid Dow Jones’ Jump

Mining stocks tumbled across the board

   

PreciousMetalsRecap Gold Drops Amid Dow Jones' JumpGold 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.

gold bars Gold Drops Amid Dow Jones' Jump
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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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/gold-drops-amid-dow-jones-jump/.

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