Gold Falls Back on Stronger U.S. Dollar

by Christopher Freeburn | June 4, 2013 4:29 pm

Gold Silver GLD IAU SLV[1]Continued strength in the U.S. dollar sent gold lower in Tuesday trading, erasing most of yesterday’s gains.

The precious metal slipped back below $1,400 an ounce as investors awaited fresh signals about how long Federal Reserve stimulus efforts will continue. Nervous investors sent equities markets lower as they considered the possibility that the Fed might curtail bond-buying earlier than expected.

Gold futures for July delivery sank 1% to $1,397.10 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,413.50 and as low as $1,388.60. Gold bullion closed in London at $1,400, according to BullionVault[3].

Silver futures for July delivery slid 1.4% to $22.41 per ounce. Tuesday’s high for silver was $22.73 while the low was $22.23.

Gold and silver funds moved lower in Tuesday trading.

Gold and silver mining ETFs declined during the day.

Gold mining shares declined on Tuesday.

Silver mining shares sank during the day.

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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