by Christopher Freeburn | May 6, 2014 5:09 pm
Gold prices retreated slightly in Tuesday trading as investors digested a positive U.S. economic report while watching the still-unfolding violence in Ukraine.
The Commerce Department said that the U.S. trade deficit fell 3.6% to $40.4 billion. Economists had expected the trade deficit to come in around $40 billion. U.S. exports saw their largest gain since June, climbing 2.2% to $193.9 billion. The government also revised downward February’s trade deficit from a previously reported $42.3 billion, to $41.9 billion.
Though it was generally a down day for gold miners, Agnico Eagle Mines (AEM) saw its shares rise 1.4% after Raymond James raised its price target for AEM stock from C$38 to C$39. The firm maintains an “Outperform” rating for AEM stock.
Gold futures for June delivery dipped 0.1% to $1,308.60 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,314.30 and as low as $1,304.40. Bullion closed in London at $1,309, according to BullionVault.
Silver futures for July delivery rose 0.4% to $19.65 per ounce. Tuesday’s high for silver was $19.72, while the low was $19.51.
Here’s how metal-based funds and mining stocks fared on Tuesday:
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.
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