A report from the Commerce Department showing better-than-expected U.S. sales of single family homes in June sent the U.S. dollar up and gold down in Wednesday trading.
Gold futures for August delivery dropped 1.1% to $1,319.70 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,348.70 and as low as $1,312.70. Gold bullion closed in London at $1,323, according to BullionVault.
Silver futures for August delivery also slid 1.1% to $20.01 per ounce. Wednesday’s high for silver was $20.44, while the low was $19.98.
Gold and silver funds declined in Wednesday trading.
- The SPDR Gold Trust (GLD) fell 1.7%.
- The iShares Gold Trust (IAU) slid 1.8%.
- The iShares Silver Trust (SLV) moved down 1.6%.
Gold and silver mining ETFs skidded during the day.
- The Market Vectors Gold Miners ETF (GDX) sank 4.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5.5%.
- The Global X Silver Miners ETF (SIL) declined 4%.
Gold mining shares sank on Wednesday.
- Agnico-Eagle Mines (AEM) tumbled 6.7%.
- Barrick Gold (ABX) fell 5.1%.
- Eldorado Gold (EGO) slid 5.4%.
- Goldcorp (GG) declined 4.9%.
- Kinross Gold (KGC) slumped 5.5%.
- Newmont Mining (NEM) moved down 4.9%.
- NovaGold Resources (NG) rose 0.7%.
- Yamana Gold (AUY) dropped 5.4%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE) slipped 4%.
- Hecla Mining (HL) declined 3.6%.
- Pan American Silver (PAAS) fell 4.5%.
- Silver Wheaton (SLW) moved down 3.5%.
- Silver Standard Resources (SSRI) lost 4.8%.
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.