Gold Dips Ahead of Key Economic Reports
by Christopher Freeburn | December 3, 2013 4:28 pm
[1]After 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[2]. 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[3].
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[4]) rose 0.3%.
- The iShares Gold Trust (IAU[5]) increased 0.4%.
- The iShares Silver Trust (SLV[6]) slid 0.2%.
Mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) fell 1.5%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 3.3%.
- The Global X Silver Miners ETF (SIL[9]) waned 1%.
Gold stocks mostly retreated on Tuesday.
- Agnico-Eagle Mines (AEM[10]) was flat.
- Barrick Gold (ABX[11]) slipped 0.2%.
- Eldorado Gold (EGO[12]) fell 2.1%.
- Goldcorp (GG[13]) declined 2.1%.
- Kinross Gold (KGC[14]) dipped 0.2%.
- Newmont Mining (NEM[15]) dropped 2%.
- NovaGold Resources (NG[16]) rose 0.9%.
- Yamana Gold (AUY[17]) moved down 1.8%.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE[18]) edged up 0.1%.
- Hecla Mining (HL[19]) fell 1.8%.
- Pan American Silver (PAAS[20]) slipped 0.9%.
- Silver Wheaton (SLW[21]) sank 1.2%.
- Silver Standard Resources (SSRI[22]) surged 3.4%.
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.
- [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/2013/12/gold-dips-ahead-key-economic-reports/