Gold Settles Lower After Weak Durable Goods Report

For a short time, the metal traded over $1,400 an ounce

   

PreciousMetalsRecap Gold Settles Lower After Weak Durable Goods ReportGold rose in Monday trading after the government reported a sharp drop U.S. durable goods orders in July, but the rally stalled and gold settled slightly lower for the session. Investors speculate that weaker economic reports could force the Federal Reserve to delay any tapering of the Fed’s monthly bond-buying. The precious metal briefly topped $1,400 an ounce before retreating.

Gold futures for December delivery slipped 0.2% to $1,393.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,407 and as low as $1,388.40. Gold bullion closed in London at $1,399, according to BullionVault.

11103054 gold bullion 200x200 Gold Settles Lower After Weak Durable Goods Report
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Silver futures for December delivery climbed 1.2% to $24.06 per ounce. Monday’s high for silver was $24.47, while the low was $23.85.

Gold and silver funds improved in Monday trading.

  • The SPDR Gold Trust (GLD) gained 0.4%.
  • The iShares Gold Trust (IAU) also rose 0.4%.
  • The iShares Silver Trust (SLV) added 1.3%.

Gold and silver mining ETFs climbed during the day.

  • The Market Vectors Gold Miners ETF (GDX) moved up 0.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) jumped 2.3%.
  • The Global X Silver Miners ETF (SIL) advanced 1.3%.

Gold mining shares moved higher on Monday.

  • Agnico-Eagle Mines (AEM) added 1%.
  • Barrick Gold (ABX) gained 1.8%.
  • Eldorado Gold (EGO) rose 0.5%.
  • Goldcorp (GG) climbed 0.8%.
  • Kinross Gold (KGC) moved up 1%.
  • Newmont Mining (NEM) advanced 0.9%.
  • NovaGold Resources (NG) jumped 2.6%.
  • Yamana Gold (AUY) increased 0.7%.

Silver mining shares mostly gained during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.7%.
  • Hecla Mining (HL) was flat.
  • Pan American Silver (PAAS) rose 0.2%.
  • Silver Wheaton (SLW) added 2.6%.
  • Silver Standard Resources (SSRI) climbed 1.4%.

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/2013/08/gold-settles-lower-after-weak-durable-goods-report/.

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