Having reached a record, nominal high in overnight trading, gold prices have been moving lower following growing optimism that EU finance ministers would reach an agreement on a second Greek bailout and U.S. June housing starts came in higher than expected.

Gold traded at a new high of $1,610.10 in overnight trading and has been backtracking since, as the euro gained against the dollar and hints of investor willingness to move out of safe haven investments resurfaced.  Silver was following the same pattern, trading lower after hitting an 11-week high $40.865 an ounce.

Spot gold was trading at $1599.60 Bid, $1600.60 Ask in early morning trade while spot silver was trading at $40.09 Bid, $40.19 Ask, according to Kitco market data.  The London p.m. gold fix came in at $1601.00 an ounce, while spot silver was set at $40.32 an ounce.

In the equity markets, gold and silver ETFs were lower in Tuesday morning trading.

• The SPDR Gold Trust (NYSE:GLD) was down around 0.35%.
• The iShares Gold Trust (NYSE:IAU) was trading some 0.3% lower.
• The iShares Silver Trust (NYSE:SLV) was down some 0.5%.

Gold and silver mining ETFs were also moving lower.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was around 0.35% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down 0.38%.
• The Global X Silver Miners ETF (NYSE:SIL) was trading more than 0.4% lower.

Shares of gold mining majors and juniors were lower as well, with Agnico Eagle Mines (NYSE:AEM) off more than 2% in morning trading.

• Agnico Eagle Mines (NYSE:AEM) was around 2.2% lower.
• Barrick Gold Corp. (NYSE:ABX) was down 0.1%.
• Goldcorp (NYSE:GG) was trading 0.8% lower.
• Newmont Mining Corp. (NYSE:NEM) was off around 0.25%.
• NovaGold Resources (AMEX:NG) was trading more than 0.55% lower.

Silver mining shares were down, though Coeur D’Alene (NYSE:CDE) was breaking from the group trend.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was up between 0.04% and 0.1%.
• Hecla Mining (NYSE:HL) was down nearly 0.6%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was nearly 1% lower.
• Silver Wheaton Corp.  (NYSE: SLW) was off more than 0.8%.
• Silver Standard Resources Inc. (NASDAQ:SSRI) was moving lower some 0.13%.

The author does not hold positions in any of the above-mentioned investments.