Gold was trading in a relatively narrow range, between about $1,610 and $1,616 per ounce, in early morning trading Tuesday as back-and-forth negotiations to raise the U.S. debt ceiling between Republicans, Democrats and President Barack Obama continued.

The U.S. dollar hit a record low against the Swiss franc and a three-year low vs. the Canadian dollar, while U.S. 10-year Treasury yields hit a two-week high. U.S. home sales fell for a second consecutive month in June, falling to a one-month low, according to news reports.

Spot gold was set at $1,612.75 per ounce at the London p.m. fix and was trading at $1,610.50 Bid, $1,611.50 Ask early Tuesday. Fixed in London at $40.34 per ounce, spot silver was trading at $40.30 Bid, $40.40 Ask, according to Kitco market data.

Taking a look at exchange-listed products, gold and silver ETFs were lower early Tuesday.

• The SPDR Gold Trust (NYSE:GLD) was trading between 0.6% and 0.7% lower.
• The iShares Gold Trust (NYSE:IAU) was down more than 0.4%.
• The iShares Silver Trust (NYSE:SLV) was trading between 0.35% and 0.5% lower.

Gold and silver mining ETFs also were down.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was down around 0.25%.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was off 0.8%.
• The Global X Silver Miners ETF (NYSE:SIL) was trading almost 0.9% lower.

Shares of gold mining majors were mostly lower, with Agnico and NovaGold breaking ranks.

• Agnico Eagle Mines (USA) (NYSE:AEM) was up more than 0.4%.
• Barrick Gold Corp. (NYSE:ABX) was down less than 0.1%.
• Goldcorp (NYSE:GG) was around 0.6% lower.
• Newmont Mining Corp. (NYSE:NEM) was down around 0.15%.
• NovaGold Resources (USA) (AMEX:NG) was up between 0.75% and 1.3%.

Silver mining shares were moving lower early Tuesday, with Hecla Mining giving back some of yesterday’s gains.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was off about 0.6%.
• Hecla Mining (NYSE:HL) was trading nearly 1% lower.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down around 0.25%.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was around 0.5% lower.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was trading flat.

The author does not hold positions in any of the above-mentioned investments.