Gold Slips on Stronger U.S. Retail Sales
by Christopher Freeburn | March 13, 2013 4:29 pm
[1]A better-than-expected report on February retail sales[2] 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[3]. 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[4].
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[5]) edged down 0.3%.
- The iShares Gold Trust (NYSE:IAU[6]) also dipped 0.3%.
- The iShares Silver Trust (NYSE:SLV[7]) fell 0.9%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) slid 2.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) sank 2.8%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) declined 2.2%.
Gold mining shares tumbled on Wednesday.
- Agnico-Eagle Mines (NYSE:AEM[11]) dropped 2.7%.
- Barrick Gold (NYSE:ABX[12]) slipped 2.2%.
- Eldorado Gold (NYSE:EGO[13]) sank 3.2%.
- Goldcorp (NYSE:GG[14]) dropped 2.6%.
- Kinross Gold (NYSE:KGC[15]) slumped 3%.
- Newmont Mining (NYSE:NEM[16]) fell 1.7%.
- NovaGold Resources (AMEX:NG[17]) declined 3.1%.
- Yamana Gold (NYSE:AUY[18]) retreated 2.9%.
Silver mining shares also moved lower.
- Coeur d’Alene Mines (NYSE:CDE[19]) slipped 2.3%.
- Hecla Mining (NYSE:HL[20]) tumbled 3.9%.
- Pan American Silver (NASDAQ:PAAS[21]) sank 2%.
- Silver Wheaton (NYSE:SLW[22]) dropped 2.6%.
- Silver Standard Resources (NASDAQ:SSRI[23]) fell 2.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- report on February retail sales: https://investorplace.com/2013/03/retail-stocks-dont-take-that-victory-lap-yet/
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/03/gold-slips-on-stronger-u-s-retail-sales/