Gold Dips Ahead of Key Economic Reports

by Christopher Freeburn | December 3, 2013 4:28 pm

Gold Silver GLD IAU SLV[1]After falling sharply on Monday, gold futures settled slightly lower on Tuesday as investors awaited a series of government reports that could give a clearer picture of the U.S. economy — and suggest when the Federal Reserve might begin tapering its monthly bond-buying.

On Thursday, the Commerce Department will issue a report on U.S. gross domestic product, and the European Central Bank will hold its monthly meeting to discuss monetary policy. On Friday, the Labor Department will release its much-anticipated jobs report for November.

Gold futures for February delivery slipped 0.1% to $1,220.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,225.80 and as low as $1,214.60. Bullion closed in London at $1,225, according to BullionVault[3].

Silver futures for March delivery fell 1.2% to $19.07 per ounce. Tuesday’s high for silver was $19.34, while the low was $18.98.

Metal funds were mixed on Tuesday.

Mining ETFs declined during the day.

Gold stocks mostly retreated on Tuesday.

Silver mining shares were mixed 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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