Gold has been moving lower since hitting a high above $1,905 per ounce in Hong Kong on Tuesday, as economic indicators from China and Germany helped somewhat assuage fears that the global economy is heading into another contraction.

HSBC’s China Flash PMI (Purchasing Managers Index), an indicator of manufacturing activity, edged up to 49.8 in August from 49.3 in July. Adding to that, at 52, the German PMI for August came in flat, though better than expected. At 51.5, the composite EU PMI, which includes a survey of manufacturing and services companies, also came in better than expected.

U.S. new-home sales for July broke the string of the day’s positive economic reports. The U.S. Census Bureau reported that purchases of new homes fell 0.7%, less than a consensus forecast by economists of a 1% increase. June new-home sales were revised downward to -2,9%, compared from a previous 1% estimated drop.

Spot gold was trading at $1,874.40 Bid, $1,875.40 Ask, down $23.70, or 1.25%, early Tuesday, having hit a high of $1,884.40. The London p.m. gold fix came in at $1,876 per ounce. Spot silver was trading at $42.88 Bid, $42.98 Ask, down $0.84, or 1.92%, having hit a high of $43.22. The London a.m. fix came in at $42.88, according to Kitco market data.

Coming up during the next two days are July durable goods orders tomorrow, the weekly jobless claims report, FHFA’s housing price index and U.S. crude inventories on Thursday. Capping off the week are Friday’s second estimate of U.S. second-quarter GDP and Fed Chairman Ben Bernanke’s press conference following the annual central bankers meeting in Jackson Hole, Wyo.

Gold and silver trusts were headed lower early Tuesday.

• The SPDR Gold Trust (NYSE:GLD) was down nearly 1.8%.
• The iShares Gold Trust (NYSE:IAU) was more than 0.9% lower.
• The iShares Silver Trust (NYSE:SLV) was around 1.3% lower.

The major gold and silver miner ETFs were moving lower, while the Market Vectors Junior Gold Miners ETF showed a small gain.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was more than 1.3% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was up less than 0.1%.
• The Global X Silver Miners ETF (NYSE:SIL) was down 1.75%.

Shares of gold miners were giving up some of their recent gains as well.

• Agnico Eagle Mines (USA) (NYSE:AEM) was down more than 1.4%.
• Barrick Gold Corp. (NYSE:ABX) was around 0.7% lower.
• Goldcorp (NYSE:GG) was down just more than 1%.
• Newmont Mining Corp. (NYSE:NEM) was moving about 1.2% lower.
• NovaGold Resources (USA) (AMEX:NG) was down around 1.3% lower.

Silver mining shares also were heading lower.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was moving between small gains and losses.
• Hecla Mining (NYSE:HL) was about 1.2% lower.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down around 0.6%.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was down about 0.7%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was nearly 1.4% lower.

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