Gold fell modestly in light Tuesday trading, giving back some of yesterday’s gains. The metal fell as U.S. stock markets rallied after sinking sharply on Monday. A stronger U.S. dollar also pressured gold during the session. Gold futures for April delivery sank 0.7% to $1,251.20 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,260.70 and as low as $1,246.80. Bullion closed in London at $1,253, according to BullionVault. Silver futures for March delivery edged up 1 cent to $19.42 per ounce. Tuesday’s high for silver was $19.48, while the low was $19.30. Metal funds were mixed on Tuesday.
- The SPDR Gold Shares (GLD) slipped 0.3%.
- The iShares Gold Trust (IAU) dipped 0.2%.
- The iShares Silver Trust (SLV) gained 0.8%.
Mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (GDX) added 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 3.1%.
- The Global X Silver Miners ETF (SIL) increased 0.9%.
Gold stocks mostly advanced on Tuesday.
- Agnico-Eagle Mines (AEM) fell 1.4%.
- Barrick Gold (ABX) slipped 0.8%.
- Eldorado Gold (EGO) climbed 1.8%.
- Goldcorp (GG) added 1.5%.
- Kinross Gold (KGC) increased 1.1%.
- Newmont Mining (NEM) moved up 0.8%.
- NovaGold Resources (NG) surged 5.0%.
- Yamana Gold (AUY) rose 1.2%.
Silver mining shares mostly climbed during the day.
- Coeur d’Alene Mines (CDE) rose 0.9%.
- Hecla Mining (HL) added 0.8%.
- Pan American Silver (PAAS) gained 2.4%.
- Silver Wheaton (SLW) increased 1%.
- Silver Standard Resources (SSRI) sank 1.7%.
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.