Gold dropped from above $1,830 to fall below $1,800 per ounce in overnight electronic and Asia-Pacific trading Tuesday before bouncing back to hit $1,830 in London and opening trading in New York. Spot gold has been moving lower since, however, as heightened uncertainty regarding the outlook for European Union sovereign debt and the U.S. economy continue.

Spot gold was down 80 cents as of 10:30 a.m., bid at $1,813.60 with an Ask price of $1,814.60. The early-morning high reached $1,833.90 and the low $1,809.60. The spot gold reference price was set at $1,820 at the London p.m. fix.

Spot silver was up 20 cents early Tuesday, hitting a high of $40.92 and a low of $40.32. Tuesday’s reference price was fixed at $40.02 in the London a.m., according to Kitco market data.

In exchange trading, gold trusts were down slightly and the iShares Silver Trust was higher.

• The SPDR Gold Trust (NYSE:GLD) was off just 0.01%.
• The iShares Gold Trust (NYSE:IAU) was down some 0.05%.
• The iShares Silver Trust (NYSE:SLV) was around 0.65% higher.

Gold and silver miners ETFs were moving lower for a second consecutive morning.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was more than 0.75% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down some 0.55%.
• The Global X Silver Miners ETF (NYSE:SIL) was 0.9% lower.

Shares of gold miners were moving lower, though NovaGold Resources was breaking ranks and heading higher.

• Agnico Eagle Mines (USA) (NYSE:AEM) was about 0.35% lower.
• Barrick Gold Corp. (NYSE:ABX) was down nearly 0.4%.
• Goldcorp (NYSE:GG) was showing losses of 2.15% and more.
• Newmont Mining Corp. (NYSE:NEM) was off nearly 1.7%.
• NovaGold Resources (USA) (AMEX:NG) was up nearly 0.7%.

Silver mining shares were moving lower for a second consecutive morning Tuesday.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was down some 2.3%.
• Hecla Mining (NYSE:HL) was showing losses around 0.7%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down around 0.2%.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was around 2.25% lower.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was nearly 2% lower after dropping sharply yesterday.

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