A stronger U.S. dollar sent gold lower in Tuesday trading. The metal gained early in the session, but fell back under pressure from profit-taking and investor caution ahead of this Friday’s report on U.S. employment for June.
The U.S. dollar rallied after a series of positive economic reports stoked investor expectations that the Federal Reserve will begin slowing its monthly bond-buying earlier than initially thought.
Gold futures for August delivery fell 1% to $1,243.40 per ounce on Tuesday, according to . Gold traded as high as $1,267 and as low as $1,240.10. Gold bullion closed in London at $1,246, according to BullionVault.
Silver futures for August delivery dropped 1.4% to $19.30 per ounce. Tuesday’s high for silver was $19.79 while the low was $19.30.
Gold and silver funds dropped modestly in Tuesday trading.
- The SPDR Gold Trust () fell 0.9%.
- The iShares Gold Trust () slipped 0.8%.
- The iShares Silver Trust () declined 1.3%.
Gold and silver mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF () tumbled 4.6%.
- The Market Vectors Junior Gold Miners ETF () slid 4.1%.
- The Global X Silver Miners ETF () slumped 3.8%.
Gold mining shares declined on Tuesday.
- Agnico-Eagle Mines () dropped 5%.
- Barrick Gold () slid 4.9%.
- Eldorado Gold () tumbled 5.4%.
- Goldcorp () fell 5.8%.
- Kinross Gold () sank 4.1%.
- Newmont Mining () dipped 3.4%.
- NovaGold Resources () plunged 5.9%.
- Yamana Gold () dove 4.2%.
Silver mining shares skidded during the day.
- Coeur d’Alene Mines () fell 3.1%.
- Hecla Mining () slid 4.6%.
- Pan American Silver () also dropped 4.6%.
- Silver Wheaton () tumbled 5.9%.
- Silver Standard Resources () sank 5.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
