by Christopher Freeburn | April 15, 2014 4:52 pm
Gold dropped sharply in Tuesday trading after a report on U.S. consumer prices ignited investor worries that higher inflation might prompt the Federal Reserve to accelerate the tapering of its economic stimulus. The Labor Department said that its consumer price index climbed 0.2% last month, exceeding the 0.1% gain predicted by economists. Gold posted its largest drop since December.
Mining stocks sank across the board with NovaGold Resources (NG) and Silver Standard Resources (SSRI) falling especially hard.
Gold futures for June delivery dove 2.1% to $1,300.30 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,328.40 and as low as $1,284.40. Bullion closed in London at $1,304, according to BullionVault.
Silver futures for May delivery fell 2.6% to settle at $19.49 per ounce. Tuesday’s high for silver was $20.00, while the low was $19.22.
Here’s how metal-based funds and mining stocks fared Tuesday:
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.
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