Surging equities and a continuing rally for the U.S. dollar pushed gold down in Tuesday trading. The metal fell for a fourth straight session as both the S&P 500 and the Dow Jones Industrial Average tested new record highs and the dollar extended its gains against the Japanese yen.
Gold futures for June delivery fell 0.7% to $1,424.50 per ounce Tuesday, according to CME Group. Gold traded as high as $1,444.90 and as low as $1,419.90. Gold bullion closed in London at $1,429, according to BullionVault.
Silver futures for June delivery also slid 1.3% to $23.37 per ounce. Tuesday’s high for silver was $23.73 while the low was $23.14.
Gold and silver funds retreated in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) dipped 0.4%.
- The iShares Gold Trust (NYSE:IAU) sank 0.4%.
- The iShares Silver Trust (NYSE:SLV) fell 1.1%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL) declined 1.1%.
Gold mining shares mostly declined on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) sank 0.7%.
- Barrick Gold (NYSE:ABX) rose 1%.
- Eldorado Gold (NYSE:EGO) dropped 1.4%.
- Goldcorp (NYSE:GG) fell 1.3%.
- Kinross Gold (NYSE:KGC) was flat.
- Newmont Mining (NYSE:NEM) dipped 0.4%.
- NovaGold Resources (AMEX:NG) retreated 1.7%.
- Yamana Gold (NYSE:AUY) edged up 0.3%.
Silver mining shares also mostly closed lower.
- Coeur d’Alene Mines (NYSE:CDE) slipped 0.9%.
- Hecla Mining (NYSE:HL) gained 0.3%.
- Pan American Silver (NASDAQ:PAAS) dropped 1.5%.
- Silver Wheaton (NYSE:SLW) fell 0.3%.
- Silver Standard Resources (NASDAQ:SSRI) declined 1%.
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.