Gold edged lower in Monday trading. The metal slipped even as the U.S. imposed a fresh round of sanctions on officials and companies close to Russian President Vladimir Putin.
Newmont Mining (NEM[1]) shares tumbled after it called off merger talks with fellow miner Barrick Gold (ABX[2]). In a letter to Barrick’s board[3], NEM complained that “our efforts to find consensus have been rejected out of hand repeatedly.” NEM stock ended the day down almost 7%, while ABX shares fell more than 3%.
Gold futures for June delivery dipped 0.1% to $1,299 per ounce on Monday, according to CME Group[4]. Gold prices were as high as $1,306.60 and as low as $1,292.10. Bullion closed in London at $1,297, according to BullionVault[5].
Silver futures for May delivery sank 0.5% at $19.59 per ounce. Monday’s high for silver was $19.76, while the low was $19.47.
Here’s how metal-based funds and mining stocks fared on Monday:
Gold and Silver Funds
- The SPDR Gold Shares (GLD[6]) fell 0.4%.
- The iShares Gold Trust (IAU[7]) faded 0.5%.
- The iShares Silver Trust (SLV[8]) also declined 0.5%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[9]) slid 1.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[10]) dropped 3.5%.
- The Global X Silver Miners ETF (SIL[11]) sank 1.6%.
Gold Miners
- Agnico Eagle Mines (AEM[12]) fell 0.5%.
- ABX declined 3.1%.
- Eldorado Gold (EGO[13]) was flat.
- Goldcorp (GG[14]) sank 1.5%.
- Kinross Gold (KGC[15]) dropped 3.4%.
- NEM stock plunged 6.7%.
- NovaGold (NG[16]) tumbled 5.2%.
- Yamana Gold (AUY[17]) slid 2.2%.
Silver Miners
- Coeur d’Alene Mines (CDE[18]) dropped 2.8%.
- Hecla Mining (HL[19]) sank 1.3%.
- Pan American Silver (PAAS[20]) fell 3.1%.
- Silver Wheaton (SLW[21]) slid 1.1%.
- Silver Standard Resources (SSRI[22]) dropped 3.8%.
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.