Gold Falls on Better December Retail Sales

Silver slipped and miners mostly retreated


PreciousMetalsRecap Gold Falls on Better December Retail SalesGold sank in Tuesday trading, snapping a three-session streak of gains. The metal fell after the government reported better-than-expected sales at U.S. retailers last month.

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.

11103054 gold bullion 200x95 Gold Falls on Better December Retail Sales
All That Glitters Is Not Goldcorp – GG

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.

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