The Commerce Department said that U.S. retail sales climbed 0.2% in December. That surprised economists who had forecast a 0.1% decline in retail sales. Subtracting automotive sales, retail activity rose 0.7%. Economists had anticipated a 0.4% increase in retail sales when auto sales were excluded. Equities markets and the U.S. dollar rallied on the news.
Gold futures for February delivery slipped 0.5% to $1,245.40 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,254.90 and as low as $1,241.10. Bullion closed in London at $1,246, according to BullionVault.
Silver futures for March delivery fell 0.5%, to $20.28 per ounce. Tuesday’s high for silver was $20.67, while the low was $20.13.
Metal funds declined on Tuesday.
- The SPDR Gold Shares (GLD) slipped 0.9%.
- The iShares Gold Trust (IAU) fell 0.9%.
- The iShares Silver Trust (SLV) dropped 1.2%.
Mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (GDX) slid 2.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) sank 2.3%.
- The Global X Silver Miners ETF (SIL) fell 1.4%.
Gold stocks mostly pulled back on Tuesday.
- Agnico-Eagle Mines (AEM) dropped 2.9%.
- Barrick Gold (ABX) slid 2%.
- Eldorado Gold (EGO) sank 3.8%.
- Goldcorp (GG) fell 3.5%.
- Kinross Gold (KGC) declined 2.6%.
- Newmont Mining (NEM) moved down 2%.
- NovaGold Resources (NG) tumbled 5.1%.
- Yamana Gold (AUY) gained 0.8%.
Silver mining shares slumped during the day.
- Coeur d’Alene Mines (CDE) fell 3.2%.
- Hecla Mining (HL) slipped 2.2%.
- Pan American Silver (PAAS) dropped 1%.
- Silver Wheaton (SLW) faded 2%.
- Silver Standard Resources (SSRI) declined 3%.
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.