The greenback was strengthened by a report from the Commerce Department showing that the U.S. trade deficit slid 13% to $34.3 billion in November, down almost 13% from October. Economists had expected November’s trade deficit to come in around $40 billion.
Gold futures for February delivery sank 0.7% to $1,229.60 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,244.70 and as low as $1,224.20. Bullion closed in London at $1,234, according to BullionVault.
Silver futures for March delivery fell 1.6%, to $19.79 per ounce. Tuesday’s high for silver was $20.28, while the low was $19.63.
Metal funds declined on Tuesday.
- The SPDR Gold Shares (GLD) fell 0.6%.
- The iShares Gold Trust (IAU) slipped 0.5%.
- The iShares Silver Trust (SLV) dropped 1.5%.
Mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (GDX) inched up 0.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) sank 1%.
- The Global X Silver Miners ETF (SIL) climbed 0.2%.
Gold stocks were mixed on Tuesday.
- Agnico-Eagle Mines (AEM) dipped 0.3%.
- Barrick Gold (ABX) fell 0.4%.
- Eldorado Gold (EGO) rose 0.2%.
- Goldcorp (GG) was flat.
- Kinross Gold (KGC) slipped 0.3%.
- Newmont Mining (NEM) faded 0.6%.
- NovaGold Resources (NG) dropped 2.2%.
- Yamana Gold (AUY) climbed 1.2%.
Silver mining shares mostly retreated during the day.
- Coeur d’Alene Mines (CDE) moved down 0.2%.
- Hecla Mining (HL) slid 0.3%.
- Pan American Silver (PAAS) sank 0.5%.
- Silver Wheaton (SLW) fell 0.2%.
- Silver Standard Resources (SSRI) rose 0.7%.
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.