Gold Sinks on Stronger U.S. Consumer Confidence
by Christopher Freeburn | January 28, 2014 4:29 pm
[1]Gold dropped in Tuesday trading after a report showed that Americans felt a little better about the U.S. economy this month. The metal declined as U.S. equities markets posted modest gains.
The Conference Board said that its consumer confidence index climbed to a reading of 80.7 in January. That was up from a December reading of 77.5 and marked a five-month high for the index. It also topped the reading of 78 expected by economists.
Gold futures for February delivery fell 1% to $1,250.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,262.30 and as low as $1,248.20. Bullion closed in London at $1,256, according to BullionVault[3].
Silver futures for March delivery slid 1.5%, to $19.50 per ounce. Tuesday’s high for silver was $19.84, while the low was $19.46.
Metal funds declined on Tuesday.
- The SPDR Gold Shares (GLD[4]) was flat.
- The iShares Gold Trust (IAU[5]) sank 0.1%.
- The iShares Silver Trust (SLV[6]) slid 0.2%.
Mining ETFs gained during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) rose 2.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) climbed 2.2%.
- The Global X Silver Miners ETF (SIL[9]) added 1.2%.
Gold stocks mostly moved higher on Tuesday.
- Agnico-Eagle Mines (AEM[10]) increased 1.6%.
- Barrick Gold (ABX[11]) rose 1.4%.
- Eldorado Gold (EGO[12]) gained 1%.
- Goldcorp (GG[13]) climbed 2.5%.
- Kinross Gold (KGC[14]) moved up 1.8%.
- Newmont Mining (NEM[15]) advanced 2%.
- NovaGold Resources (NG[16]) fell 1%.
- Yamana Gold (AUY[17]) added 1.5%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines (CDE[18]) rose 2.5%.
- Hecla Mining (HL[19]) added 1.3%.
- Pan American Silver (PAAS[20]) gained 3%.
- Silver Wheaton (SLW[21]) increased 2.3%.
- Silver Standard Resources (SSRI[22]) climbed 3.4%.
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.
- [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-sinks-stronger-consumer-confidence/