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Gold Falls Under Pressure From Equities, U.S. Dollar

Lackluster day for metals filters over to the miners once more


Gold Silver GLD IAU SLVSurging equities and a continuing rally for the U.S. dollar pushed gold down in Tuesday trading. The metal fell for a fourth straight session as both the S&P 500 and the Dow Jones Industrial Average tested new record highs and the dollar extended its gains against the Japanese yen.

Gold futures for June delivery fell 0.7% to $1,424.50 per ounce Tuesday, according to CME Group. Gold traded as high as $1,444.90 and as low as $1,419.90. Gold bullion closed in London at $1,429, according to BullionVault.

Stop Hating on Gold Miners
Stop Hating on Gold Miners

Silver futures for June delivery also slid 1.3% to $23.37 per ounce. Tuesday’s high for silver was $23.73 while the low was $23.14.

Gold and silver funds retreated in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.4%.
  • The iShares Gold Trust (NYSE:IAU) sank 0.4%.
  • The iShares Silver Trust (NYSE:SLV) fell 1.1%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 1.1%.

Gold mining shares mostly declined on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) sank 0.7%.
  • Barrick Gold (NYSE:ABX) rose 1%.
  • Eldorado Gold (NYSE:EGO) dropped 1.4%.
  • Goldcorp (NYSE:GG) fell 1.3%.
  • Kinross Gold (NYSE:KGC) was flat.
  • Newmont Mining (NYSE:NEM) dipped 0.4%.
  • NovaGold Resources (AMEX:NG) retreated 1.7%.
  • Yamana Gold (NYSE:AUY) edged up 0.3%.

Silver mining shares also mostly closed lower.

  • Coeur d’Alene Mines (NYSE:CDE) slipped 0.9%.
  • Hecla Mining (NYSE:HL) gained 0.3%.
  • Pan American Silver (NASDAQ:PAAS) dropped 1.5%.
  • Silver Wheaton (NYSE:SLW) fell 0.3%.
  • Silver Standard Resources (NASDAQ:SSRI) declined 1%.

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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