by Christopher Freeburn | April 1, 2014 4:41 pm
Gold 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.
Mining ETFs were mixed during the day.
Gold stocks mostly advanced on Tuesday.
Silver mining shares moved higher during the day.
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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