Gold Slips as Economic Data Pushes U.S. Dollar Higher

Gold slipped, silver edged up, and miners were mixed

   

PreciousMetalsRecap Gold Slips as Economic Data Pushes U.S. Dollar HigherGold dipped slightly in Tuesday trading on the heels of two reports that pointed to a stronger U.S. economy.

The S&P/Case Shiller index showed a sharp jump in single family home prices in April, while the Conference Board’s consumer confidence index soared to its highest level in five years. The news boosted equities markets and sent the U.S. dollar up against other currencies.

GoldPromo Gold Slips as Economic Data Pushes U.S. Dollar Higher
Gold’s Collapse Is Not Done

Gold futures for July delivery slipped 0.2% to $1,274.90 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,288.10 and as low as $1,271. Gold bullion closed in London at $1,278, according to BullionVault.

Silver futures for July delivery inched up 0.2% to $19.53 per ounce. Tuesday’s high for silver was $19.79 while the low was $19.40.

Gold and silver funds moved lower in Tuesday trading.

  • The SPDR Gold Trust (GLD) fell 0.4%.
  • The iShares Gold Trust (IAU) also slid 0.4%.
  • The iShares Silver Trust (SLV) edged down 0.2%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 0.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) inched up 0.1%.
  • The Global X Silver Miners ETF (SIL) climbed 0.6%.

Gold mining shares were also mixed on Tuesday.

  • Agnico-Eagle Mines (AEM) added 0.5%.
  • Barrick Gold (ABX) fell 2.8%.
  • Eldorado Gold (EGO) declined 1.3%.
  • Goldcorp (GG) slid 0.6%.
  • Kinross Gold (KGC) sank 1%.
  • Newmont Mining (NEM) dipped 0.3%.
  • NovaGold Resources (NG) surged 4.6%.
  • Yamana Gold (AUY) rose 0.6%.

Silver mining shares mostly advanced during the day.

  • Coeur d’Alene Mines (CDE) fell 0.9%.
  • Hecla Mining (HL) rose 0.2%.
  • Pan American Silver (PAAS) inched up 0.1%.
  • Silver Wheaton (SLW) climbed 0.4%.
  • Silver Standard Resources (SSRI) added 2.3%.

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/2013/06/gold-slips-as-economic-data-pushes-u-s-dollar-higher/.

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