Gold Slips Again on Upbeat U.S. Economic Data

Gold Silver GLD IAU SLVGold dropped slightly in Tuesday trading, marking the metal’s fifth straight losing session. Gold was pressured by a report showing stronger U.S. manufacturing.

The Institute for Supply Management’s manufacturing index rose to a reading of 53.7 in March. That was up from a reading of 53.2 in February, but fell slightly short of the reading of 53.9 that economists had expected. A reading over 50 indicates expanding manufacturing activity.

Gold futures for June delivery dipped 0.3% to $1,280 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,288.40 and as low as $1,277.40 Bullion closed in London at $1,282, according to BullionVault.

Silver futures for May delivery also fell 0.3% to settle at $19.69 per ounce. Tuesday’s high for silver was $19.91, while the low was $19.64.

Metal funds mostly declined on Tuesday.

  • The SPDR Gold Shares (GLD) dipped 0.2%.
  • The iShares Gold Trust (IAU) fell 0.2%.
  • The iShares Silver Trust (SLV) edged up 0.1%.

Mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 0.9%.
  • The Global X Silver Miners ETF (SIL) faded 0.1%.

Gold stocks mostly advanced on Tuesday.

  • Agnico-Eagle Mines (AEM) slid 0.2%.
  • Barrick Gold (ABX) added 0.3%.
  • Eldorado Gold (EGO) climbed 1.1%.
  • Goldcorp (GG) rose 0.2%.
  • Kinross Gold (KGC) increased 0.5%.
  • Newmont Mining (NEM) was flat.
  • NovaGold Resources (NG) gained 1.3%.
  • Yamana Gold (AUY) moved up 0.3%.

Silver mining shares moved higher during the day.

  • Coeur d’Alene Mines (CDE) rose 1.7%.
  • Hecla Mining (HL) added 1%.
  • Pan American Silver (PAAS) climbed 1.3%.
  • Silver Wheaton (SLW) increased 0.6%.
  • Silver Standard Resources (SSRI) gained 0.7%.

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/2014/04/gold-slips-upbeat-u-s-economic-data/.

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