Gold Edges Higher on Weaker U.S. Dollar
by Christopher Freeburn | November 26, 2013 4:32 pm
[1]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[2]. 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[3].
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[4]) slid 0.6%.
- The iShares Gold Trust (IAU[5]) sank 0.6%.
- The iShares Silver Trust (SLV[6]) fell 0.8%.
Mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) dropped 2.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) fell 2%.
- The Global X Silver Miners ETF (SIL[9]) moved down 2.3%.
Gold stocks mostly retreated on Tuesday.
- Agnico-Eagle Mines (AEM[10]) dipped 0.4%.
- Barrick Gold (ABX[11]) fell 1%.
- Eldorado Gold (EGO[12]) dropped 4%.
- Goldcorp (GG[13]) sank 2.5%.
- Kinross Gold (KGC[14]) declined 1.5%.
- Newmont Mining (NEM[15]) slid 3.1%.
- NovaGold Resources (NG[16]) climbed 1.4%.
- Yamana Gold (AUY[17]) slipped 1.5%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE[18]) dropped 2.4%.
- Hecla Mining (HL[19]) tumbled 4%.
- Pan American Silver (PAAS[20]) fell 3.1%.
- Silver Wheaton (SLW[21]) dipped 0.1%.
- Silver Standard Resources (SSRI[22]) sank 2.5%.
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:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/11/gold-edges-higher-weaker-u-s-dollar/