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Gold Drops as Equities, U.S. Dollar Rebound

Gold Silver GLD IAU SLVGold fell modestly in light Tuesday trading, giving back some of yesterday’s gains. The metal fell as U.S. stock markets rallied after sinking sharply on Monday. A stronger U.S. dollar also pressured gold during the session. Gold futures for April delivery sank 0.7% to $1,251.20 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,260.70 and as low as $1,246.80. Bullion closed in London at $1,253, according to BullionVault. Silver futures for March delivery edged up 1 cent to $19.42 per ounce. Tuesday’s high for silver was $19.48, while the low was $19.30. Metal funds were mixed on Tuesday.

  • The SPDR Gold Shares (GLD) slipped 0.3%.
  • The iShares Gold Trust (IAU) dipped 0.2%.
  • The iShares Silver Trust (SLV) gained 0.8%.

Mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 3.1%.
  • The Global X Silver Miners ETF (SIL) increased 0.9%.

Gold stocks mostly advanced on Tuesday.

  • Agnico-Eagle Mines (AEM) fell 1.4%.
  • Barrick Gold (ABX) slipped 0.8%.
  • Eldorado Gold (EGO) climbed 1.8%.
  • Goldcorp (GG) added 1.5%.
  • Kinross Gold (KGC) increased 1.1%.
  • Newmont Mining (NEM) moved up 0.8%.
  • NovaGold Resources (NG) surged 5.0%.
  • Yamana Gold (AUY) rose 1.2%.

Silver mining shares mostly climbed during the day.

  • Coeur d’Alene Mines (CDE) rose 0.9%.
  • Hecla Mining (HL) added 0.8%.
  • Pan American Silver (PAAS) gained 2.4%.
  • Silver Wheaton (SLW) increased 1%.
  • Silver Standard Resources (SSRI) sank 1.7%.

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/2014/02/gold-drops-equities-u-s-dollar-rebound/.

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