by Christopher Freeburn | January 14, 2014 4:49 pm
Gold 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.
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.
Mining ETFs retreated during the day.
Gold stocks mostly pulled back on Tuesday.
Silver mining shares slumped during the day.
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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