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Gold Sinks Amid Stronger U.S. Service Sector

Miners moved mostly lower during the day


Gold Silver GLD IAU SLVA better-than-expected report on the U.S. service sector sent gold modestly lower in Tuesday trading.

The Institute of Supply Management’s monthly survey of purchasing managers in the service industry climbed to a reading of 55.4 in October, up from 54.4 in September. The gain surprised many economists, who had predicted the index to decline slightly last month. The ISM report bolstered the U.S. dollar against other currencies during the day.

Gold Mining Stocks – 3 Reasons the Worst is Over
Gold Mining Stocks – 3 Reasons the Worst is Over

Gold futures for December delivery fell 0.5% to $1,308.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,320.60 and as low as $1,305.20. Bullion closed in London at $1,312, according to BullionVault.

Silver futures for December dipped 0.3% to $21.64 per ounce. Tuesday’s high for silver was $21.79, while the low was $21.56.

Metal funds were mixed in Tuesday trading.

  • The SPDR Gold Shares (GLD) slipped 0.2%.
  • The iShares Gold Trust (IAU) moved lower 0.2%.
  • The iShares Silver Trust (SLV) gained 0.3%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 1.4%.
  • The Global X Silver Miners ETF (SIL) slid 1%.

Gold stocks mostly sank on Tuesday.

  • Agnico-Eagle Mines (AEM) fell 1.7%.
  • Barrick Gold (ABX) dipped 0.2%.
  • Eldorado Gold (EGO) waned 1.6%.
  • Goldcorp (GG) declined 1%.
  • Kinross Gold (KGC) moved lower 1.6%.
  • Newmont Mining (NEM) edged up 0.1%.
  • NovaGold Resources (NG) climbed 0.9%.
  • Yamana Gold (AUY) dropped 2.1%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.2%.
  • Hecla Mining (HL) dropped 3.2%.
  • Pan American Silver (PAAS) sank 0.1%.
  • Silver Wheaton (SLW) gained 0.8%.
  • Silver Standard Resources (SSRI) surged 3.2%.

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,

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