Gold Falls on Better December Retail Sales
by Christopher Freeburn | January 14, 2014 4:49 pm
[1]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[2]. 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[3].
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[4]) slipped 0.9%.
- The iShares Gold Trust (IAU[5]) fell 0.9%.
- The iShares Silver Trust (SLV[6]) dropped 1.2%.
Mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) slid 2.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) sank 2.3%.
- The Global X Silver Miners ETF (SIL[9]) fell 1.4%.
Gold stocks mostly pulled back on Tuesday.
- Agnico-Eagle Mines (AEM[10]) dropped 2.9%.
- Barrick Gold (ABX[11]) slid 2%.
- Eldorado Gold (EGO[12]) sank 3.8%.
- Goldcorp (GG[13]) fell 3.5%.
- Kinross Gold (KGC[14]) declined 2.6%.
- Newmont Mining (NEM[15]) moved down 2%.
- NovaGold Resources (NG[16]) tumbled 5.1%.
- Yamana Gold (AUY[17]) gained 0.8%.
Silver mining shares slumped during the day.
- Coeur d’Alene Mines (CDE[18]) fell 3.2%.
- Hecla Mining (HL[19]) slipped 2.2%.
- Pan American Silver (PAAS[20]) dropped 1%.
- Silver Wheaton (SLW[21]) faded 2%.
- Silver Standard Resources (SSRI[22]) declined 3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/01/gold-retail-sales/