Gold Falls Under Pressure From Equities, U.S. Dollar

Lackluster day for metals filters over to the miners once more

   

Gold Falls Under Pressure From Equities, U.S. Dollar

PreciousMetalsRecap Gold Falls Under Pressure From Equities, U.S. DollarSurging 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.

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Stop Hating on Gold Miners

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/gold-falls-under-pressure-from-equities-u-s-dollar/.

©2014 InvestorPlace Media, LLC

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