Gold Edges Higher on Weaker U.S. Dollar

Silver dipped and mining stocks mostly retreated

   

PreciousMetalsRecap Gold Edges Higher on Weaker U.S. DollarGold climbed fractionally in Tuesday trading after the U.S. dollar slipped in the wake of a negative economic report.

The Conference Board’s consumer confidence index dropped to a reading of 70.4 in November, down from a reading of 72.4 in October. That marked the index’s lowest reading since April, disappointing economists who had predicted a slight gain. The report sent the dollar lower against other currencies.

Gold futures for December delivery rose 20 cents to $1,241.40 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,257.80 and as low as $1,239.20. Bullion closed in London at $1,245, according to BullionVault.

gold bars Gold Edges Higher on Weaker U.S. Dollar
ETF Investors Drop Gold Like a Bad Habit

Silver futures for December fell 0.2% to $19.85 per ounce. Tuesday’s high for silver was $20.29, while the low was $19.81.

Metal funds dipped on Tuesday.

  • The SPDR Gold Shares (GLD) slid 0.6%.
  • The iShares Gold Trust (IAU) sank 0.6%.
  • The iShares Silver Trust (SLV) fell 0.8%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 2.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 2%.
  • The Global X Silver Miners ETF (SIL) moved down 2.3%.

Gold stocks mostly retreated on Tuesday.

  • Agnico-Eagle Mines (AEM) dipped 0.4%.
  • Barrick Gold (ABX) fell 1%.
  • Eldorado Gold (EGO) dropped 4%.
  • Goldcorp (GG) sank 2.5%.
  • Kinross Gold (KGC) declined 1.5%.
  • Newmont Mining (NEM) slid 3.1%.
  • NovaGold Resources (NG) climbed 1.4%.
  • Yamana Gold (AUY) slipped 1.5%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) dropped 2.4%.
  • Hecla Mining (HL) tumbled 4%.
  • Pan American Silver (PAAS) fell 3.1%.
  • Silver Wheaton (SLW) dipped 0.1%.
  • Silver Standard Resources (SSRI) sank 2.5%.

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/2013/11/gold-edges-higher-weaker-u-s-dollar/.

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