Gold Eases Slightly After Jump

Gold Silver GLD IAU SLVGold fell slightly in Tuesday trading as traders took a rest after yesterday’s sharp rise in prices. Rumors of new gold import restrictions in India, a major buyer of physical gold, also dampened the metal’s prospects.

Gold futures for August delivery dipped 0.1% to $1,334.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,337.80 and as low as $1,325.60. Gold bullion closed in London at $1,345, according to BullionVault.

Silver futures for August delivery slid 1.2% to $20.25 per ounce. Tuesday’s high for silver was $20.42, while the low was $20.13.

Gold and silver funds mostly gained in Tuesday trading.

  • The SPDR Gold Trust (GLD) increased 0.7%.
  • The iShares Gold Trust (IAU) added 0.6%.
  • The iShares Silver Trust (SLV) was unchanged.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 3.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) surged 4.2%.
  • The Global X Silver Miners ETF (SIL) rose 4.7%.

Gold mining shares moved higher on Tuesday.

  • Agnico-Eagle Mines (AEM) rose 1.2%.
  • Barrick Gold (ABX) climbed 3.3%.
  • Eldorado Gold (EGO) climbed 3.8%.
  • Goldcorp (GG) advanced 3.1%.
  • Kinross Gold (KGC) moved up 1.8%.
  • Newmont Mining (NEM) increased 2.6%.
  • NovaGold Resources (NG) soared 15.2%.
  • Yamana Gold (AUY) gained 1.3%.

Silver mining shares improved during the day.

  • Coeur d’Alene Mines (CDE) climbed 0.5%.
  • Hecla Mining (HL) gained 4.1%.
  • Pan American Silver (PAAS) added 4.3%.
  • Silver Wheaton (SLW) moved up 3.8%.
  • Silver Standard Resources (SSRI) increased 3.3%.

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.

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