Gold Edges Higher on Weaker U.S. Dollar

by Christopher Freeburn | November 26, 2013 4:32 pm

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

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.

Mining ETFs declined during the day.

Gold stocks mostly retreated on Tuesday.

Silver mining shares pulled back 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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