Gold Sinks on Higher U.S. Consumer Spending

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

[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.

• The SPDR Gold Shares (GLD[4]) fell 0.3%.
• The iShares Gold Trust (IAU[5]) dipped 0.2%.
• The iShares Silver Trust (SLV[6]) gained 0.6%.

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) sank 0.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 1.5%.
• The Global X Silver Miners ETF (SIL[9]) slid 0.6%.

Gold stocks were mixed on Monday.

• Agnico-Eagle Mines (AEM[10]) added 0.9%.
• Barrick Gold (ABX[11]) moved up 0.5%.
• Eldorado Gold (EGO[12]) fell 0.4%.
• Goldcorp (GG[13]) edged up 0.1%.
• Kinross Gold (KGC[14]) rose 0.5%.
• Newmont Mining (NEM[15]) fell 0.7%.
• NovaGold Resources (NG[16]) slid 0.9%.
• Yamana Gold (AUY[17]) gained 0.1%.

Silver mining shares mostly climbed during the day.

• Coeur d’Alene Mines (CDE[18]) rose 0.6.
• Hecla Mining (HL[19]) increased 1.1%.
• Pan American Silver (PAAS[20]) climbed 1.2%.
• Silver Wheaton (SLW[21]) fell 0.4%.
• Silver Standard Resources (SSRI[22]) sank 0.6%.

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.

Source URL: https://investorplace.com/2013/12/gold-sinks-higher-u-s-consumer-spending/

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