Gold Dips Ahead of Key Economic Reports

Silver continued to slide, and miners were mostly lower

   

PreciousMetalsRecap Gold Dips Ahead of Key Economic ReportsAfter falling sharply on Monday, gold futures settled slightly lower on Tuesday as investors awaited a series of government reports that could give a clearer picture of the U.S. economy — and suggest when the Federal Reserve might begin tapering its monthly bond-buying.

On Thursday, the Commerce Department will issue a report on U.S. gross domestic product, and the European Central Bank will hold its monthly meeting to discuss monetary policy. On Friday, the Labor Department will release its much-anticipated jobs report for November.

Gold futures for February delivery slipped 0.1% to $1,220.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,225.80 and as low as $1,214.60. Bullion closed in London at $1,225, according to BullionVault.

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Silver futures for March delivery fell 1.2% to $19.07 per ounce. Tuesday’s high for silver was $19.34, while the low was $18.98.

Metal funds were mixed on Tuesday.

  • The SPDR Gold Shares (GLD) rose 0.3%.
  • The iShares Gold Trust (IAU) increased 0.4%.
  • The iShares Silver Trust (SLV) slid 0.2%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3.3%.
  • The Global X Silver Miners ETF (SIL) waned 1%.

Gold stocks mostly retreated on Tuesday.

  • Agnico-Eagle Mines (AEM) was flat.
  • Barrick Gold (ABX) slipped 0.2%.
  • Eldorado Gold (EGO) fell 2.1%.
  • Goldcorp (GG) declined 2.1%.
  • Kinross Gold (KGC) dipped 0.2%.
  • Newmont Mining (NEM) dropped 2%.
  • NovaGold Resources (NG) rose 0.9%.
  • Yamana Gold (AUY) moved down 1.8%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) edged up 0.1%.
  • Hecla Mining (HL) fell 1.8%.
  • Pan American Silver (PAAS) slipped 0.9%.
  • Silver Wheaton (SLW) sank 1.2%.
  • Silver Standard Resources (SSRI) surged 3.4%.

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/2013/12/gold-dips-ahead-key-economic-reports/.

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