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. 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.
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.