Gold and Silver Report: Gold Prices Slip, AEM Stock Gains

Gold prices retreated slightly in Tuesday trading as investors digested a positive U.S. economic report while watching the still-unfolding violence in Ukraine.

gold and silver AEM stockThe Commerce Department said that the U.S. trade deficit fell 3.6% to $40.4 billion. Economists had expected the trade deficit to come in around $40 billion. U.S. exports saw their largest gain since June, climbing 2.2% to $193.9 billion. The government also revised downward February’s trade deficit from a previously reported $42.3 billion, to $41.9 billion.

Though it was generally a down day for gold miners, Agnico Eagle Mines (AEM) saw its shares rise 1.4% after Raymond James raised its price target for AEM stock from C$38 to C$39. The firm maintains an “Outperform” rating for AEM stock.

Gold futures for June delivery dipped 0.1% to $1,308.60 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,314.30 and as low as $1,304.40. Bullion closed in London at $1,309, according to BullionVault.

Silver futures for July delivery rose 0.4% to $19.65 per ounce. Tuesday’s high for silver was $19.72, while the low was $19.51.

Here’s how metal-based funds and mining stocks fared on Tuesday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) slipped 0.2%.
  • The iShares Gold Trust (IAU) faded 0.2%.
  • The iShares Silver Trust (SLV) declined 0.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) sank 0.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.8%.
  • The Global X Silver Miners ETF (SIL) slid 0.3%.

Gold Miners

  • AEM stock climbed 1.4%.
  • Barrick Gold Corporation (ABX) slipped 0.1%.
  • Eldorado Gold (EGO) slid 0.3%.
  • Goldcorp (GG) faded 0.2%.
  • Kinross Gold (KGC) dropped 1.2%.
  • Newmont Mining (NEM) fell 1%.
  • NovaGold (NG) tumbled 2.6%.
  • Yamana Gold (AUY) moved down 0.5%.

Silver Miners

  • Coeur d’Alene Mines (CDE) dropped 1.4%.
  • Hecla Mining (HL) slid 0.3%.
  • Pan American Silver (PAAS) fell 1.5%.
  • Silver Wheaton (SLW) retreated 1.2%.
  • 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,

©2022 InvestorPlace Media, LLC