Better Retail Sales, Stronger U.S. Dollar Push Gold Lower
by Christopher Freeburn | May 13, 2013 4:19 pm
[1]Gold 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[2]) 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[3]. 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[4].
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[5]) slid 0.9%.
- The iShares Gold Trust (NYSE:IAU[6]) also fell 0.9%.
- The iShares Silver Trust (NYSE:SLV[7]) sank 0.7%.
Gold and silver mining ETFs pulled back during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) dropped 2.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) moved down 2.2%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) slumped 2.6%.
Gold mining shares retreated on Monday.
- Agnico-Eagle Mines (NYSE:AEM[11]) fell 2.5%.
- Barrick Gold (NYSE:ABX[12]) slid 2.8%.
- Eldorado Gold (NYSE:EGO[13]) dropped 3%.
- Goldcorp (NYSE:GG[14]) dipped 1.9%.
- Kinross Gold (NYSE:KGC[15]) declined 2.7%.
- Newmont Mining (NYSE:NEM[16]) fell 1.5%.
- NovaGold Resources (AMEX:NG[17]) sank 4%.
- Yamana Gold (NYSE:AUY[18]) slumped 3.1%.
Silver mining shares also moved lower.
- Coeur d’Alene Mines (NYSE:CDE[19]) dropped 2.6%.
- Hecla Mining (NYSE:HL[20]) slipped 1.6%.
- Pan American Silver (NASDAQ:PAAS[21]) fell 2.9%.
- Silver Wheaton sank 3.6%.
- Silver Standard Resources (NASDAQ:SSRI[22]) 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[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- CME Group: http://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
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/05/better-retail-sales-stronger-u-s-dollar-push-gold-lower/