Gold Slips Again on Upbeat U.S. Economic Data
by Christopher Freeburn | April 1, 2014 4:41 pm
[1]Gold 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.
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[2]) dipped 0.2%.
- The iShares Gold Trust (IAU[3]) fell 0.2%.
- The iShares Silver Trust (SLV[4]) edged up 0.1%.
Mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (GDX[5]) gained 0.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[6]) sank 0.9%.
- The Global X Silver Miners ETF (SIL[7]) faded 0.1%.
Gold stocks mostly advanced on Tuesday.
- Agnico-Eagle Mines (AEM[8]) slid 0.2%.
- Barrick Gold (ABX[9]) added 0.3%.
- Eldorado Gold (EGO[10]) climbed 1.1%.
- Goldcorp (GG[11]) rose 0.2%.
- Kinross Gold (KGC[12]) increased 0.5%.
- Newmont Mining (NEM[13]) was flat.
- NovaGold Resources (NG[14]) gained 1.3%.
- Yamana Gold (AUY[15]) moved up 0.3%.
Silver mining shares moved higher during the day.
- Coeur d’Alene Mines (CDE[16]) rose 1.7%.
- Hecla Mining (HL[17]) added 1%.
- Pan American Silver (PAAS[18]) climbed 1.3%.
- Silver Wheaton (SLW[19]) increased 0.6%.
- Silver Standard Resources (SSRI[20]) gained 0.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[21] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/04/gold-slips-upbeat-u-s-economic-data/