Gold fell modestly in Tuesday trading, declining for a third consecutive session. Investors sent the metal lower, ignoring a warning from Vice President Joe Biden that the U.S. would not recognize Russia’s annexation of Crimea. Biden, currently in Kiev to meet with Ukraine’s interim prime minister, also pledged additional American financial support for the embattled country.
Shares of gold miners mostly moved higher during the session. Eldorado Gold (EGO) and NovaGold Resources (NG) outpaced rivals, with EGO stock rising 3.9% and NovaGold adding almost 3%.
Gold futures for June delivery sank 0.6% to $1,281.10 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,293.10 and as low as $1,275.80. Bullion closed in London at $1,286, according to BullionVault.
Silver futures for May delivery edged up 0.1% to settle at $19.36 per ounce. Tuesday’s high for silver was $19.53, while the low was $19.29.
Here’s how metal-based funds and mining stocks fared on Tuesday:
Gold and Silver Funds
- The SPDR Gold Shares (GLD) slipped 0.4%.
- The iShares Gold Trust (IAU) fell 0.4%.
- The iShares Silver Trust (SLV) rose 0.2%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX) gained 1.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2.8%.
- The Global X Silver Miners ETF (SIL) added 1.8%.
- Agnico Eagle Mines (AEM) rose 0.7%.
- Barrick Gold (ABX) increased 1.6%.
- EGO stock climbed 3.9%.
- Goldcorp (GG) added 1.7%.
- Kinross Gold (KGC) was unchanged.
- Newmont Mining (NEM) was flat.
- NovaGold gained 2.9%.
- Yamana Gold (AUY) sank 0.1%.
- Coeur d’Alene Mines (CDE) rose 1.9%.
- Hecla Mining (HL) added 2.2%.
- Pan American Silver (PAAS) fell 0.2%.
- Silver Wheaton (SLW) gained 1.5%.
- Silver Standard Resources (SSRI) increased 2.1%.
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.