Gold backed away from an initial rally on Tuesday and ended with small decline for the day as traders considered better economic news from the U.S., including a report that the U.S. federal deficit would decline to $845 billion this year. Federal deficits have topped $1 trillion for the last four years.
Gold futures for March delivery dipped fractionally to $1,672.80 on Tuesday, according to CME Group. Gold traded as high as $1,686.10 and as low as $1,666.80. Gold bullion closed in London at $1,675, according to BullionVault.
Silver futures for March delivery edged up 0.5% to $31.88 per ounce. Tuesday’s high for silver was $32.12 an ounce, while the low was $31.62.
Gold and silver funds mostly gained in Tuesday trading.
- The SPDR Gold Trust (NYSE:) was flat.
- The iShares Gold Trust (NYSE:) edged up 0.1%.
- The iShares Silver Trust (NYSE:) rose 0.2%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:) fell 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) slipped 1%.
- The Global X Silver Miners ETF (NYSE:) gained 0.3%.
Gold mining shares were mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:) sank 0.5%.
- Barrick Gold (NYSE:) rose 0.5%.
- Eldorado Gold (NYSE:) increased 0.4%.
- Goldcorp (NYSE:) edged down 0.1%.
- Kinross Gold (NYSE:) declined 0.3%.
- Newmont Mining (NYSE:) climbed 0.5%.
- NovaGold Resources (AMEX:) fell 0.7%.
- Yamana Gold (NYSE:) gained 0.3%.
Silver mining shares also mixed.
- Coeur d’Alene Mines (NYSE:) dipped 0.8%.
- Hecla Mining (NYSE:) rose 1.5%.
- Pan American Silver (NASDAQ:) gained 0.5%.
- Silver Wheaton (NYSE:) advanced 0.7%.
- Silver Standard Resources (NASDAQ:) slid 1.2%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
