Gold Drops as Equities, U.S. Dollar Rebound

by Christopher Freeburn | February 4, 2014 4:31 pm

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

Mining ETFs rose during the day.

Gold stocks mostly advanced on Tuesday.

Silver mining shares mostly climbed 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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