Gold Slips on Stronger U.S. Retail Sales

by Christopher Freeburn | March 13, 2013 4:29 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares tumbled on Wednesday.

Silver mining shares also moved lower.

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.

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  24. BullionVault:

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