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Gold Slips on Boehner Budget Remarks

Gold and silver futures declined, while miners were mixed


Gold Silver GLD IAU SLVGold snapped a three-day streak of gains on Tuesday, falling modestly after U.S. House of Representatives Speaker John Boehner expressed hope that the U.S. fiscal cliff could be averted with a budget deal.

Gold futures for December delivery dipped $1709.20 on Tuesday, according to CME Group. Gold traded as high as $1,714.10 and as low as $1,705.90. Gold bullion closed in London at $1,713, according to BullionVault.

Trade of the Day: Play Gold’s Decline
Trade of the Day: Play Gold’s Decline

Silver futures for December delivery fell to $32.89 per ounce. Tuesday’s high for silver was $33.19, while the low was $32.78.

Gold and silver funds declined in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.1%.
  • The iShares Silver Trust (NYSE:SLV) dropped 0.7%.

Gold and silver mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) edged up 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 0.4%.

Gold mining shares were mixed, with NovaGold Resources (NYSE:NG) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) slid 1.1%.
  • Barrick Gold (NYSE:ABX) moved down 0.5%.
  • Eldorado Gold (NYSE:EGO) sank 0.8%.
  • Goldcorp (NYSE:GG) dropped 1.1%.
  • Kinross Gold (NYSE:KGC) increased 0.8%.
  • Newmont Mining (NYSE:NEM) gained 0.3%.
  • NovaGold Resources sank 1.9%.
  • Yamana Gold (NYSE:AUY) dipped 1.1%.

Silver mining shares moved higher on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 2.1%.
  • Hecla Mining (NYSE:HL) climbed 0.5%.
  • Pan American Silver (NASDAQ:PAAS) edged up 0.2%.
  • Silver Wheaton (NYSE:SLW) gained 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 1.5%.

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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