Gold Sinks on Strong U.S. Home Sales

Gold and silver miners fell along with the metals


PreciousMetalsRecap Gold Sinks on Strong U.S. Home SalesA 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.

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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.

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