Gold Sinks on Stronger U.S. Consumer Confidence

by Christopher Freeburn | January 28, 2014 4:29 pm

Gold Silver GLD IAU SLV[1]Gold dropped in Tuesday trading after a report showed that Americans felt a little better about the U.S. economy this month. The metal declined as U.S. equities markets posted modest gains.

The Conference Board said that its consumer confidence index climbed to a reading of 80.7 in January. That was up from a December reading of 77.5 and marked a five-month high for the index. It also topped the reading of 78 expected by economists.

Gold futures for February delivery fell 1% to $1,250.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,262.30 and as low as $1,248.20. Bullion closed in London at $1,256, according to BullionVault[3].

Silver futures for March delivery slid 1.5%, to $19.50 per ounce. Tuesday’s high for silver was $19.84, while the low was $19.46.

Metal funds declined on Tuesday.

Mining ETFs gained during the day.

Gold stocks mostly moved higher on Tuesday.

Silver mining shares advanced 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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