Gold Settles Lower After Weak Durable Goods Report

by Christopher Freeburn | August 26, 2013 4:21 pm

Gold Settles Lower After Weak Durable Goods Report

PreciousMetalsRecap Gold Settles Lower After Weak Durable Goods Report[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs climbed during the day.

Gold mining shares moved higher on Monday.

Silver mining shares mostly gained during the day.

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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