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

by Christopher Freeburn | May 13, 2013 4:19 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs pulled back during the day.

Gold mining shares retreated on Monday.

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[23] contributed to this report.

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