Gold and silver were up sharply Tuesday morning following discouraging reports on U.S. home prices and durable goods orders. Spot gold was up 0.91% at 10:45 a.m. Tuesday, having traded as high as $1,786.20 and as low as $1,775.60. The London afternoon reference price was fixed at $1,781, $9 an ounce higher than Monday’s afternoon reference price, according to Kitco market data.

Spot silver was showing a 2.82% gain, bid at $36.46 with an ask price of $36.56. The morning high as of time of writing was $36.60, and the low was $35.87. Tuesday’s reference price was set at $35.60 in the London a.m., 51 cents an ounce above Monday’s reference price.

U.S home prices closed out 2011 on a weak note, as all three S&P/Case-Shiller Home Price indices fell to their lowest levels. The national composite index decline 3.8%, during 4Q 2011, down 4% year-over-year, while the 10- and 20-City Composites fell 1.1% monthly in December, recording annual declines of 3.9% and 4%, respectively. All three indices hit their lowest levels since the housing crisis began in mid-2006, S&P reported.

The Census Bureau’s January durable goods orders report added to the discouraging economic news. New orders for manufactured durable goods declined $8.6 billion to $206.1 billion in January. The 4% fall follows three successive monthly increases, the bureau noted, including a 3.2% increase in December.

On a positive note, the Conference Board reported that its Consumer Confidence Index rose to 70.8 in February following a January decline to 61.5. The Present Situation Index rose to 45 from 38.8, while the Expectations Index rose to 88 from 76.7.

The price of gold bullion hit $1,781 an ounce in London morning trading Tuesday, 0.3% below last week’s high, according to BullionVault’s London Gold Market report. Gold prices “may be entering a period of consolidation,” according to market commentary from HSBC, with “the inability of the market to clear the November 8 high of $1803 an ounce” leading to light profit-taking. “$1,800 will be a key resistance level for the time being,” added Li Ning, an analyst at CIFCO Futures in Shanghai.

Gold and silver trusts were showing strong gains Tuesday morning.

• The SPDR Gold Trust (NYSE:GLD) was moving higher, up around 0.95%.
• The iShares Gold Trust (NYSE:IAU) was showing gains of around 0.9%.
• The iShares Silver Trust (NYSE:SLV) was up nearly 3%.

Gold and silver mining ETFs were moving up sharply as well.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was up nearly 0.9%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was showing gains of just over 1%.
• The Global X Silver Miners ETF (NYSE:SIL) was up around 1.7%.

Gold mining shares were up across the board.

• Agnico-Eagle Mines (NYSE:AEM) was showing gains of 1.5% and more.
• Barrick Gold (NYSE:ABX) was up around 0.6%.
• Eldorado Gold (NYSE:EGO) was up around 0.5%.
• Goldcorp (NYSE:GG) was around 0.6% higher.
• Kinross Gold Corp. USA (NYSE:KGC) was up more than 0.6%.
• Newmont Mining (NYSE:NEM) was up slightly, less than 0.05%.
• NovaGold Resources (AMEX:NG) was up around 0.8%.
• Yamana Gold (USA) (NYSE: AUY) was up nearly 0.75%.

Silver mining shares were showing very healthy morning gains.

• Coeur d’Alene Mines (NYSE:CDE) was moving higher, up more than 3.5%.
• Hecla Mining (NYSE:HL) was up some 1.15%.
• Pan American Silver (NASDAQ:PAAS) was showing gains of around 2.25%.
• Silver Wheaton (NYSE:SLW) was up around 2.15%.
• Silver Standard Resources (NASDAQ:SSRI) was nearly 0.9% higher.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.