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Gold Falls as U.S. Dollar Advances

Miners suffer a broad day of declines


Gold Silver GLD IAU SLVWeak economic reports from Germany and China sent the U.S. dollar up and gold down in Tuesday trading.

Gold futures for May delivery slipped 0.9% to $1,408.7 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,436 and as low as $1,404.70. Gold bullion closed in London at $1,418, according to BullionVault.

Why Gold Crashed and What You Can Do About It
Why Gold Crashed and What You Can Do About It

Silver futures for May delivery fell 2.2% to $22.82 per ounce. Tuesday’s high for silver was $23.41, while the low was $22.56.

Gold and silver funds retreated in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.7%.
  • The iShares Gold Trust (NYSE:IAU) also declined 0.7%.
  • The iShares Silver Trust (NYSE:SLV) dropped 2%.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 2.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 3%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 1.4%.

Gold mining shares pulled back on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) dropped 2.3%.
  • Barrick Gold (NYSE:ABX) also dipped 2.3%.
  • Eldorado Gold (NYSE:EGO) sank 4.1%.
  • Goldcorp (NYSE:GG) slid 2.8%.
  • Kinross Gold (NYSE:KGC) sank 1.8%.
  • Newmont Mining (NYSE:NEM) fell 2.9%.
  • NovaGold Resources (AMEX:NG) declined 1.6%.
  • Yamana Gold (NYSE:AUY) moved down 2.3%.

Silver mining shares moved lower.

  • Coeur d’Alene Mines (NYSE:CDE) fell 2.1%.
  • Hecla Mining (NYSE:HL) inched down 0.6%.
  • Pan American Silver (NASDAQ:PAAS) sank 1.4%.
  • Silver Wheaton (NYSE:SLW) dropped 1.1%.
  • Silver Standard Resources (NASDAQ:SSRI) slid 3%.

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.

Article printed from InvestorPlace Media,

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