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) 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.