Gold 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.
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.