Gold Retreats on U.S. Fiscal Impasse

by Christopher Freeburn | December 4, 2012 5:02 pm

Gold Silver GLD IAU SLV[1]Gold fell sharply in Tuesday trading, dropping below $1,700 an ounce, as budget talks in Washington appeared to be going nowhere and precious metal prices were dragged down across the board as a result.

Gold futures for December delivery rose to $1,697 on Tuesday, according to CME Group[2]. Gold traded as high as $1,716.80 and as low as $1,691.60. Gold bullion closed in London at $1,700, according to BullionVault[3].

Silver futures for December delivery rose to $32.94 per ounce. Tuesday’s high for silver was $33.48, while the low was $32.72.

Gold and silver funds slid in Tuesday trading.

Gold and silver mining ETFs mostly gained during the day.

Gold mining shares were mixed on Tuesday, with Agnico-Eagle Mines (NYSE:AEM[10]) falling the most.

Silver mining shares moved higher on Tuesday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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  2. CME Group:
  3. BullionVault:
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  7. GDX:
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  10. AEM:
  11. ABX:
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  15. NEM:
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  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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