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Gold, Silver Slip After Hopeful Start Tuesday

Gold Silver GLD IAU SLVGold and silver futures trading looked hopeful earlier Tuesday, but slipped after Federal Chairman Ben Bernanke gave his weekly economic address.

Gold futures traded 0.1% lower Tuesday with a final bid of $1,589.50 per ounce, according to CME Group data. Gold reached a high of $1,598.80 and a low of $1,571. Gold bullion ended at $1,587 per ounce for Tuesday’s trading session in London, according to BullionVault.

“Investor interest in gold is far from overwhelming despite ongoing macro uncertainty,” VTB Capital analyst Andrey Kryuchenkov said.

Silver futures were flat with a final bid of $27.29 per ounce. Tuesday’s high for silver prices reached $27.53, and the low was $26.82.

Gold and silver trusts dipped slightly Tuesday.

  • The SPDR Gold Trust (NYSE:GLD) was down about 0.5%.
  • The iShares Gold Trust (NYSE:IAU) was about 0.4% lower.
  • The iShares Silver Trust (NYSE:SLV) drooped about 0.1%.

Gold and silver mining ETFs showed varying losses Tuesday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was down about 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dipped about 0.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) was about 0.2% lower.

Gold mining showed losses almost across the board Tuesday, with Kinross Gold (NYSE:KGC) leading the way. NovaGold Resources (AMEX:NG) went its own way, recording strong gains in Tuesday’s trading.

  • Agnico-Eagle Mines (NYSE:AEM) lost about 0.7%.
  • Barrick Gold (NYSE:ABX) was up about 0.8%. 
  • Eldorado Gold (NYSE:EGO) showed losses of around 3.2%.
  • Goldcorp (NYSE:GG) was down about 0.3%.
  • Kinross Gold was about  3.7% lower.
  • Newmont Mining (NYSE:NEM) dipped about 0.9%.
  • NovaGold Resources was up about 1.6%.
  • Yamana Gold (NYSE:AUY) was down about 1.5%.

Silver mining shares were slightly lower Tuesday, with the exception of Silver Standard Resources (NASDAQ:SSRI), which notched small gains.

  • Coeur d’Alene Mines (NYSE:CDE) slipped nearly 2%.
  • Hecla Mining (NYSE:HL) climbed about 0.7%.
  • Pan American Silver (NASDAQ:PAAS) was around 1.3% lower.
  • Silver Wheaton (NYSE:SLW) was flat.
  • Silver Standard Resources rose about 0.1%.

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

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