Better Retail Sales, Stronger U.S. Dollar Push Gold Lower

Gold Silver GLD IAU SLVGold futures declined for the third consecutive session in the face of continued strength for the U.S. dollar and after a report showed that U.S. retail sales rose more than forecast in April.

Shares of Silver Wheaton (NYSE:SLW) fell 3.6% after the company reported a 9% decline in first-quarter earnings, compared to the same time last year.

Gold futures for June delivery dipped 0.2% to $1,434.30 per ounce on Monday, according to CME Group. Gold traded as high as $1,448.30 and as low as $1,424.70. Gold bullion closed in London at $1,434, according to BullionVault.

Silver futures for June delivery also fell 0.2% to $23.68 per ounce. Monday’s high for silver was $23.77 while the low was $23.50.

Gold and silver funds declined in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 0.9%.
  • The iShares Gold Trust (NYSE:IAU) also fell 0.9%.
  • The iShares Silver Trust (NYSE:SLV) sank 0.7%.

Gold and silver mining ETFs pulled back during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 2.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) slumped 2.6%.

Gold mining shares retreated on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 2.5%.
  • Barrick Gold (NYSE:ABX) slid 2.8%.
  • Eldorado Gold (NYSE:EGO) dropped 3%.
  • Goldcorp (NYSE:GG) dipped 1.9%.
  • Kinross Gold (NYSE:KGC) declined 2.7%.
  • Newmont Mining (NYSE:NEM) fell 1.5%.
  • NovaGold Resources (AMEX:NG) sank 4%.
  • Yamana Gold (NYSE:AUY) slumped 3.1%.

Silver mining shares also moved lower.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 2.6%.
  • Hecla Mining (NYSE:HL) slipped 1.6%.
  • Pan American Silver (NASDAQ:PAAS) fell 2.9%.
  • Silver Wheaton sank 3.6%.
  • Silver Standard Resources (NASDAQ:SSRI) moved down 2.4%.

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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