Gold Drops Amid Dow Jones’ Jump

by Christopher Freeburn | May 7, 2013 4:52 pm

Gold Silver GLD IAU SLV[1]Gold sank in Tuesday trading as U.S. stock indices soared to new record highs. A combination of good economic news and strong corporate earnings propelled the Dow Jones Industrial Average to close over 15000 for the first time ever, while the S&P 500 closed at a new high for the fourth straight session.

Gold futures for June delivery fell 1.3% to $1,448.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,470 and as low as $1,440.40. Gold bullion closed in London at $1,455, according to BullionVault[3].

Silver futures for June delivery declined 0.6% to $23.79 per ounce. Tuesday’s high for silver was $23.98, while the low was $23.41.

Gold and silver funds were retreated in Tuesday trading.

Gold and silver mining ETFs declined during the day.

Gold mining shares pulled back on Tuesday.

Silver mining shares sank.

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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  23. BullionVault:

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