Gold Edges Higher on Weaker U.S. Dollar

Gold Silver GLD IAU SLVGold climbed fractionally in Tuesday trading after the U.S. dollar slipped in the wake of a negative economic report.

The Conference Board’s consumer confidence index dropped to a reading of 70.4 in November, down from a reading of 72.4 in October. That marked the index’s lowest reading since April, disappointing economists who had predicted a slight gain. The report sent the dollar lower against other currencies.

Gold futures for December delivery rose 20 cents to $1,241.40 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,257.80 and as low as $1,239.20. Bullion closed in London at $1,245, according to BullionVault.

Silver futures for December fell 0.2% to $19.85 per ounce. Tuesday’s high for silver was $20.29, while the low was $19.81.

Metal funds dipped on Tuesday.

  • The SPDR Gold Shares (GLD) slid 0.6%.
  • The iShares Gold Trust (IAU) sank 0.6%.
  • The iShares Silver Trust (SLV) fell 0.8%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 2.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 2%.
  • The Global X Silver Miners ETF (SIL) moved down 2.3%.

Gold stocks mostly retreated on Tuesday.

  • Agnico-Eagle Mines (AEM) dipped 0.4%.
  • Barrick Gold (ABX) fell 1%.
  • Eldorado Gold (EGO) dropped 4%.
  • Goldcorp (GG) sank 2.5%.
  • Kinross Gold (KGC) declined 1.5%.
  • Newmont Mining (NEM) slid 3.1%.
  • NovaGold Resources (NG) climbed 1.4%.
  • Yamana Gold (AUY) slipped 1.5%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) dropped 2.4%.
  • Hecla Mining (HL) tumbled 4%.
  • Pan American Silver (PAAS) fell 3.1%.
  • Silver Wheaton (SLW) dipped 0.1%.
  • Silver Standard Resources (SSRI) sank 2.5%.

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, https://investorplace.com/2013/11/gold-edges-higher-weaker-u-s-dollar/.

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