Gold Retreats as U.S. Dollar Climbs

by Christopher Freeburn | July 2, 2013 4:24 pm

Gold Silver GLD IAU SLV[1]A stronger U.S. dollar sent gold lower in Tuesday trading. The metal gained early in the session, but fell back under pressure from profit-taking and investor caution ahead of this Friday’s report on U.S. employment for June.

The U.S. dollar rallied after a series of positive economic reports stoked investor expectations that the Federal Reserve will begin slowing its monthly bond-buying earlier than initially thought.

Gold futures for August delivery fell 1% to $1,243.40 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,267 and as low as $1,240.10. Gold bullion closed in London at $1,246, according to BullionVault[3].

Silver futures for August delivery dropped 1.4% to $19.30 per ounce. Tuesday’s high for silver was $19.79 while the low was $19.30.

Gold and silver funds dropped modestly in Tuesday trading.

Gold and silver mining ETFs sank during the day.

Gold mining shares declined on Tuesday.

Silver mining shares skidded 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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