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Gold Drops as Lower Trade Deficit Boosts U.S. Dollar

Silver slid while mining stocks were mixed


Gold Silver GLD IAU SLVGold fell back on Tuesday as the U.S. dollar rallied against other currencies and U.S. equities moved higher.

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.

GLD – Gold Looks Weak, But Could Bounce
GLD – Gold Looks Weak, But Could Bounce

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.

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