Gold Falls Under Pressure From Equities, U.S. Dollar
by Christopher Freeburn | May 14, 2013 5:31 pm
[1]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[2]. 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[3].
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[4]) dipped 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) sank 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) fell 1.1%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slipped 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) declined 1.1%.
Gold mining shares mostly declined on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) sank 0.7%.
- Barrick Gold (NYSE:ABX[11]) rose 1%.
- Eldorado Gold (NYSE:EGO[12]) dropped 1.4%.
- Goldcorp (NYSE:GG[13]) fell 1.3%.
- Kinross Gold (NYSE:KGC[14]) was flat.
- Newmont Mining (NYSE:NEM[15]) dipped 0.4%.
- NovaGold Resources (AMEX:NG[16]) retreated 1.7%.
- Yamana Gold (NYSE:AUY[17]) edged up 0.3%.
Silver mining shares also mostly closed lower.
- Coeur d’Alene Mines (NYSE:CDE[18]) slipped 0.9%.
- Hecla Mining (NYSE:HL[19]) gained 0.3%.
- Pan American Silver (NASDAQ:PAAS[20]) dropped 1.5%.
- Silver Wheaton (NYSE:SLW[21]) fell 0.3%.
- Silver Standard Resources (NASDAQ:SSRI[22]) declined 1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/05/gold-falls-under-pressure-from-equities-u-s-dollar/