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Gold Slips on Stronger U.S. Retail Sales

Gold Silver GLD IAU SLVA better-than-expected report on February retail sales from the Commerce Department renewed confidence in the U.S. economic recovery, sending gold down modestly in Wednesday trading.

Gold futures for April delivery dipped 0.2% to $1,588.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,598.80 and as low as $1,584.40. Gold bullion closed in London at $1,591, according to BullionVault.

Silver futures for April delivery slid 0.7% to $28.93 per ounce. Wednesday’s high for silver was $29.17, while the low was $28.83.

Gold and silver funds moved lower in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged down 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.3%.
  • The iShares Silver Trust (NYSE:SLV) fell 0.9%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slid 2.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 2.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 2.2%.

Gold mining shares tumbled on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) dropped 2.7%.
  • Barrick Gold (NYSE:ABX) slipped 2.2%.
  • Eldorado Gold (NYSE:EGO) sank 3.2%.
  • Goldcorp (NYSE:GG) dropped 2.6%.
  • Kinross Gold (NYSE:KGC) slumped 3%.
  • Newmont Mining (NYSE:NEM) fell 1.7%.
  • NovaGold Resources (AMEX:NG) declined 3.1%.
  • Yamana Gold (NYSE:AUY) retreated 2.9%.

Silver mining shares also moved lower.

  • Coeur d’Alene Mines (NYSE:CDE) slipped 2.3%.
  • Hecla Mining (NYSE:HL) tumbled 3.9%.
  • Pan American Silver (NASDAQ:PAAS) sank 2%.
  • Silver Wheaton (NYSE:SLW) dropped 2.6%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 2.7%.

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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