Gold 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.
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.