Gold Sinks on Higher U.S. Consumer Spending

by Christopher Freeburn | December 23, 2013 5:00 pm

PreciousMetalsRecap Gold Sinks on Higher U.S. Consumer Spending[1]More 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.

Gold futures for February delivery fell 0.6% to $1,197 per ounce on Monday, according to CME Group[2]. 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[3].

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.

Mining ETFs declined during the day.

Gold stocks were mixed on Monday.

Silver mining shares mostly climbed during the day.

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.

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