Gold Retreats as U.S. Dollar Climbs
by Christopher Freeburn | July 2, 2013 4:24 pm
[1]A 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 futures for August delivery fell 1% to $1,243.40 per ounce on Tuesday, according to CME Group[2]. 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[3].
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[4]) fell 0.9%.
- The iShares Gold Trust (IAU[5]) slipped 0.8%.
- The iShares Silver Trust (SLV[6]) declined 1.3%.
Gold and silver mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) tumbled 4.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) slid 4.1%.
- The Global X Silver Miners ETF (SIL[9]) slumped 3.8%.
Gold mining shares declined on Tuesday.
- Agnico-Eagle Mines (AEM[10]) dropped 5%.
- Barrick Gold (ABX[11]) slid 4.9%.
- Eldorado Gold (EGO[12]) tumbled 5.4%.
- Goldcorp (GG[13]) fell 5.8%.
- Kinross Gold (KGC[14]) sank 4.1%.
- Newmont Mining (NEM[15]) dipped 3.4%.
- NovaGold Resources (NG[16]) plunged 5.9%.
- Yamana Gold (AUY[17]) dove 4.2%.
Silver mining shares skidded during the day.
- Coeur d’Alene Mines (CDE[18]) fell 3.1%.
- Hecla Mining (HL[19]) slid 4.6%.
- Pan American Silver (PAAS[20]) also dropped 4.6%.
- Silver Wheaton (SLW[21]) tumbled 5.9%.
- Silver Standard Resources (SSRI[22]) sank 5.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
Industrial[24], Precious Metals[25]
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
- Industrial: https://investorplace.com/industries/industrial/
- Precious Metals: https://investorplace.com/industries/industrial/precious-metals/
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