Gold Drops as Equities, U.S. Dollar Rebound

by Christopher Freeburn | February 4, 2014 4:31 pm

[1]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[2]. 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[3]. 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[4]) slipped 0.3%.
• The iShares Gold Trust (IAU[5]) dipped 0.2%.
• The iShares Silver Trust (SLV[6]) gained 0.8%.

Mining ETFs rose during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) added 1.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) climbed 3.1%.
• The Global X Silver Miners ETF (SIL[9]) increased 0.9%.

Gold stocks mostly advanced on Tuesday.

• Agnico-Eagle Mines (AEM[10]) fell 1.4%.
• Barrick Gold (ABX[11]) slipped 0.8%.
• Eldorado Gold (EGO[12]) climbed 1.8%.
• Goldcorp (GG[13]) added 1.5%.
• Kinross Gold (KGC[14]) increased 1.1%.
• Newmont Mining (NEM[15]) moved up 0.8%.
• NovaGold Resources (NG[16]) surged 5.0%.
• Yamana Gold (AUY[17]) rose 1.2%.

Silver mining shares mostly climbed during the day.

• Coeur d’Alene Mines (CDE[18]) rose 0.9%.
• Hecla Mining (HL[19]) added 0.8%.
• Pan American Silver (PAAS[20]) gained 2.4%.
• Silver Wheaton (SLW[21]) increased 1%.
• Silver Standard Resources (SSRI[22]) sank 1.7%.

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.

Source URL: https://investorplace.com/2014/02/gold-drops-equities-u-s-dollar-rebound/

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