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

by Christopher Freeburn | May 14, 2013 5:31 pm

Gold Silver GLD IAU SLV[1]Surging 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[2]. 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[3].

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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares mostly declined on Tuesday.

Silver mining shares also mostly closed 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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