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Gold Slips Again on Upbeat U.S. Economic Data

Silver also faded, while mining stocks mostly advanced


Gold Silver GLD IAU SLVGold dropped slightly in Tuesday trading, marking the metal’s fifth straight losing session. Gold was pressured by a report showing stronger U.S. manufacturing.

The Institute for Supply Management’s manufacturing index rose to a reading of 53.7 in March. That was up from a reading of 53.2 in February, but fell slightly short of the reading of 53.9 that economists had expected. A reading over 50 indicates expanding manufacturing activity.

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Gold futures for June delivery dipped 0.3% to $1,280 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,288.40 and as low as $1,277.40 Bullion closed in London at $1,282, according to BullionVault.

Silver futures for May delivery also fell 0.3% to settle at $19.69 per ounce. Tuesday’s high for silver was $19.91, while the low was $19.64.

Metal funds mostly declined on Tuesday.

  • The SPDR Gold Shares (GLD) dipped 0.2%.
  • The iShares Gold Trust (IAU) fell 0.2%.
  • The iShares Silver Trust (SLV) edged up 0.1%.

Mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 0.9%.
  • The Global X Silver Miners ETF (SIL) faded 0.1%.

Gold stocks mostly advanced on Tuesday.

  • Agnico-Eagle Mines (AEM) slid 0.2%.
  • Barrick Gold (ABX) added 0.3%.
  • Eldorado Gold (EGO) climbed 1.1%.
  • Goldcorp (GG) rose 0.2%.
  • Kinross Gold (KGC) increased 0.5%.
  • Newmont Mining (NEM) was flat.
  • NovaGold Resources (NG) gained 1.3%.
  • Yamana Gold (AUY) moved up 0.3%.

Silver mining shares moved higher during the day.

  • Coeur d’Alene Mines (CDE) rose 1.7%.
  • Hecla Mining (HL) added 1%.
  • Pan American Silver (PAAS) climbed 1.3%.
  • Silver Wheaton (SLW) increased 0.6%.
  • Silver Standard Resources (SSRI) gained 0.7%.

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.

Article printed from InvestorPlace Media,

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