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, .
Taking a look at exchange-listed products, gold and silver ETFs were lower early Tuesday.
- The SPDR Gold Trust (NYSE:) was trading between 0.6% and 0.7% lower.
- The iShares Gold Trust (NYSE:) was down more than 0.4%.
- The iShares Silver Trust (NYSE:) was trading between 0.35% and 0.5% lower.
Gold and silver mining ETFs also were down.
- The Market Vectors Gold Miners ETF (NYSE:) was down around 0.25%.
- The Market Vector Junior Gold Miners ETF (NYSE:) was off 0.8%.
- The Global X Silver Miners ETF (NYSE:) 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:) was up more than 0.4%.
- Barrick Gold Corp. (NYSE:) was down less than 0.1%.
- Goldcorp (NYSE:) was around 0.6% lower.
- Newmont Mining Corp. (NYSE:) was down around 0.15%.
- NovaGold Resources (USA) (AMEX:) 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:) was off about 0.6%.
- Hecla Mining (NYSE:) was trading nearly 1% lower.
- Pan American Silver Corp. (USA) (NASDAQ:) was down around 0.25%.
- Silver Wheaton Corp. (USA) (NYSE:) was around 0.5% lower.
- Silver Standard Resources Inc. (USA) (NASDAQ:) was trading flat.
The author does not hold positions in any of the above-mentioned investments.
