Gold Retreats as U.S. Dollar Climbs

Miners followed the metals, falling across the board

   

PreciousMetalsRecap Gold Retreats as U.S. Dollar ClimbsA stronger U.S. dollar sent gold lower in Tuesday trading. The metal gained early in the session, but fell back under pressure from profit-taking and investor caution ahead of this Friday’s report on U.S. employment for June.

The U.S. dollar rallied after a series of positive economic reports stoked investor expectations that the Federal Reserve will begin slowing its monthly bond-buying earlier than initially thought.

gold nuggets stones 630 200x200 Gold Retreats as U.S. Dollar Climbs
Gold Might Finally Be Building a Bottom

Gold futures for August delivery fell 1% to $1,243.40 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,267 and as low as $1,240.10. Gold bullion closed in London at $1,246, according to BullionVault.

Silver futures for August delivery dropped 1.4% to $19.30 per ounce. Tuesday’s high for silver was $19.79 while the low was $19.30.

Gold and silver funds dropped modestly in Tuesday trading.

  • The SPDR Gold Trust (GLD) fell 0.9%.
  • The iShares Gold Trust (IAU) slipped 0.8%.
  • The iShares Silver Trust (SLV) declined 1.3%.

Gold and silver mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) tumbled 4.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 4.1%.
  • The Global X Silver Miners ETF (SIL) slumped 3.8%.

Gold mining shares declined on Tuesday.

  • Agnico-Eagle Mines (AEM) dropped 5%.
  • Barrick Gold (ABX) slid 4.9%.
  • Eldorado Gold (EGO) tumbled 5.4%.
  • Goldcorp (GG) fell 5.8%.
  • Kinross Gold (KGC) sank 4.1%.
  • Newmont Mining (NEM) dipped 3.4%.
  • NovaGold Resources (NG) plunged 5.9%.
  • Yamana Gold (AUY) dove 4.2%.

Silver mining shares skidded during the day.

  • Coeur d’Alene Mines (CDE) fell 3.1%.
  • Hecla Mining (HL) slid 4.6%.
  • Pan American Silver (PAAS) also dropped 4.6%.
  • Silver Wheaton (SLW) tumbled 5.9%.
  • Silver Standard Resources (SSRI) sank 5.3%.

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/2013/07/gold-retreats-as-u-s-dollar-climbs/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.