Gold Sinks on Higher U.S. Consumer Spending

The metal settled below $1,200 per ounce


Gold Sinks on Higher U.S. Consumer Spending

PreciousMetalsRecap Gold Sinks on Higher U.S. Consumer SpendingMore positive U.S. economic news sent gold lower in Monday trading, pushing the metal back below $1,200 per ounce.

The Commerce Department reported that consumer spending climbed a seasonally-adjusted 0.5% in November, matching economists’ predictions. That marked the highest gain in consumer spending since June.

11103054 gold bullion 200x200 Gold Sinks on Higher U.S. Consumer Spending
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Gold futures for February delivery fell 0.6% to $1,197 per ounce on Monday, according to CME Group. Gold traded as high as $1,205.60 and as low as $1,191.80. Bullion closed in London at $1,197, according to BullionVault.

Silver futures for March delivery slipped 0.2%, to $19.41 per ounce. Monday’s high for silver was $19.52, while the low was $19.27.

Metal funds were mixed on Monday.

  • The SPDR Gold Shares (GLD) fell 0.3%.
  • The iShares Gold Trust (IAU) dipped 0.2%.
  • The iShares Silver Trust (SLV) gained 0.6%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 0.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 1.5%.
  • The Global X Silver Miners ETF (SIL) slid 0.6%.

Gold stocks were mixed on Monday.

  • Agnico-Eagle Mines (AEM) added 0.9%.
  • Barrick Gold (ABX) moved up 0.5%.
  • Eldorado Gold (EGO) fell 0.4%.
  • Goldcorp (GG) edged up 0.1%.
  • Kinross Gold (KGC) rose 0.5%.
  • Newmont Mining (NEM) fell 0.7%.
  • NovaGold Resources (NG) slid 0.9%.
  • Yamana Gold (AUY) gained 0.1%.

Silver mining shares mostly climbed during the day.

  • Coeur d’Alene Mines (CDE) rose 0.6.
  • Hecla Mining (HL) increased 1.1%.
  • Pan American Silver (PAAS) climbed 1.2%.
  • Silver Wheaton (SLW) fell 0.4%.
  • Silver Standard Resources (SSRI) sank 0.6%.

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.

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