Gold posted a solid decline Tuesday as equities markets continued to rise. The metal’s drop came as investors awaited remarks by Federal Reserve Chairman Ben Bernanke following the end of the Fed’s Open Markets Committee Meeting tomorrow. Bernanke’s comments are expected to provide greater insight into whether the central bank plans to continue or wind down economic stimulus efforts this year.
Gold futures for July delivery fell 1.2% to $1,366.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,384 and as low as $1,360.70. Gold bullion closed in London at $1,366, according to BullionVault.
Silver futures for July delivery also dipped 0.4% to $21.68 per ounce. Tuesday’s high for silver was $21.89 while the low was $21.45.
Gold and silver funds retreated in Tuesday trading.
- The SPDR Gold Trust (GLD) sank 1.2%.
- The iShares Gold Trust (IAU) dropped 1.3%.
- The iShares Silver Trust (SLV) fell 1%.
Gold and silver mining ETFs moved down during the day.
- The Market Vectors Gold Miners ETF (GDX) slid 2.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 3.7%.
- The Global X Silver Miners ETF (SIL) declined 2.5%.
Gold mining shares sank on Tuesday.
- Agnico-Eagle Mines (AEM) fell 3.4%.
- Barrick Gold (ABX) slipped 2.7%.
- Eldorado Gold (EGO) dropped 4.1%.
- Goldcorp (GG) declined 2.5%.
- Kinross Gold (KGC) dipped 1.9%.
- Newmont Mining (NEM) slid 2.6%.
- NovaGold Resources (NG) tumbled 4.6%.
- Yamana Gold (AUY) plunged 5.5%.
Silver mining shares slumped during the day.
- Coeur d’Alene Mines (CDE) dropped 2.7%.
- Hecla Mining (HL) sank 2.4%.
- Pan American Silver (PAAS) fell 2.2%.
- Silver Wheaton (SLW) slid 2.4%.
- Silver Standard Resources (SSRI) dipped 1.4%.
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.