Gold rose modestly in Tuesday trading as a new report indicated that Americans are less optimistic about the outlook for the economy.
The Conference Board’s consumer confidence index declined from a reading of 79.4 in January, to 78.1 this month. The drop in consumer confidence was fueled by an even steeper slide in the index measuring consumer economic expectations for the coming six months. That index fell from a reading of 80.8 in January to 75.7 in February. That marked the lowest reading for the expectations index since October.
Gold futures for April delivery added 0.4% to $1,342.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,343.60 and as low as $1,331.20. Bullion closed in London at $1,343, according to BullionVault.
Silver futures for March delivery fell back 0.4% to $21.96 per ounce. Tuesday’s high for silver was $22.03, while the low was $21.67.
Metal funds were mixed on Tuesday.
- The SPDR Gold Shares (GLD) rose 0.2%.
- The iShares Gold Trust (IAU) increased 0.2%.
- The iShares Silver Trust (SLV) fell 0.8%.
Mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX) slid 1.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.9%.
- The Global X Silver Miners ETF (SIL) declined 2%.
Gold stocks mostly declined on Tuesday.
- Agnico-Eagle Mines (AEM) fell 2.1%.
- Barrick Gold (ABX) slipped 0.7%.
- Eldorado Gold (EGO) rose 0.9%.
- Goldcorp (GG) slid 1.4%.
- Kinross Gold (KGC) sank 1.5%.
- Newmont Mining (NEM) added 0.3%.
- NovaGold Resources (NG) was flat.
- Yamana Gold (AUY) dipped 0.7%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE) tumbled 5.3%.
- Hecla Mining (HL) dropped 3.1%.
- Pan American Silver (PAAS) fell 3.3%.
- Silver Wheaton (SLW) slid 0.8%.
- Silver Standard Resources (SSRI) moved down 2%.
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.