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. 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.
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) was flat.
- The iShares Gold Trust (IAU) sank 0.1%.
- The iShares Silver Trust (SLV) slid 0.2%.
Mining ETFs gained during the day.
- The Market Vectors Gold Miners ETF (GDX) rose 2.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2.2%.
- The Global X Silver Miners ETF (SIL) added 1.2%.
Gold stocks mostly moved higher on Tuesday.
- Agnico-Eagle Mines (AEM) increased 1.6%.
- Barrick Gold (ABX) rose 1.4%.
- Eldorado Gold (EGO) gained 1%.
- Goldcorp (GG) climbed 2.5%.
- Kinross Gold (KGC) moved up 1.8%.
- Newmont Mining (NEM) advanced 2%.
- NovaGold Resources (NG) fell 1%.
- Yamana Gold (AUY) added 1.5%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines (CDE) rose 2.5%.
- Hecla Mining (HL) added 1.3%.
- Pan American Silver (PAAS) gained 3%.
- Silver Wheaton (SLW) increased 2.3%.
- Silver Standard Resources (SSRI) climbed 3.4%.
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.