Gold Eases Slightly After Jump

Mining stocks continued to post solid gains


Gold Eases Slightly After Jump

PreciousMetalsRecap Gold Eases Slightly After JumpGold fell slightly in Tuesday trading as traders took a rest after yesterday’s sharp rise in prices. Rumors of new gold import restrictions in India, a major buyer of physical gold, also dampened the metal’s prospects.

Gold futures for August delivery dipped 0.1% to $1,334.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,337.80 and as low as $1,325.60. Gold bullion closed in London at $1,345, according to BullionVault.

11103054 gold bullion 200x200 Gold Eases Slightly After Jump
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Silver futures for August delivery slid 1.2% to $20.25 per ounce. Tuesday’s high for silver was $20.42, while the low was $20.13.

Gold and silver funds mostly gained in Tuesday trading.

  • The SPDR Gold Trust (GLD) increased 0.7%.
  • The iShares Gold Trust (IAU) added 0.6%.
  • The iShares Silver Trust (SLV) was unchanged.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 3.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) surged 4.2%.
  • The Global X Silver Miners ETF (SIL) rose 4.7%.

Gold mining shares moved higher on Tuesday.

  • Agnico-Eagle Mines (AEM) rose 1.2%.
  • Barrick Gold (ABX) climbed 3.3%.
  • Eldorado Gold (EGO) climbed 3.8%.
  • Goldcorp (GG) advanced 3.1%.
  • Kinross Gold (KGC) moved up 1.8%.
  • Newmont Mining (NEM) increased 2.6%.
  • NovaGold Resources (NG) soared 15.2%.
  • Yamana Gold (AUY) gained 1.3%.

Silver mining shares improved during the day.

  • Coeur d’Alene Mines (CDE) climbed 0.5%.
  • Hecla Mining (HL) gained 4.1%.
  • Pan American Silver (PAAS) added 4.3%.
  • Silver Wheaton (SLW) moved up 3.8%.
  • Silver Standard Resources (SSRI) increased 3.3%.

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.

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