More positive U.S. economic news sent gold lower in Monday trading, pushing the metal back below $1,200 per ounce.
The Commerce Department reported that consumer spending climbed a seasonally-adjusted 0.5% in November, matching economists’ predictions. That marked the highest gain in consumer spending since June.
Gold futures for February delivery fell 0.6% to $1,197 per ounce on Monday, according to . Gold traded as high as $1,205.60 and as low as $1,191.80. Bullion closed in London at $1,197, according to .
Silver futures for March delivery slipped 0.2%, to $19.41 per ounce. Monday’s high for silver was $19.52, while the low was $19.27.
Metal funds were mixed on Monday.
- The SPDR Gold Shares () fell 0.3%.
- The iShares Gold Trust () dipped 0.2%.
- The iShares Silver Trust () gained 0.6%.
Mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF () sank 0.7%.
- The Market Vectors Junior Gold Miners ETF () dropped 1.5%.
- The Global X Silver Miners ETF () slid 0.6%.
Gold stocks were mixed on Monday.
- Agnico-Eagle Mines () added 0.9%.
- Barrick Gold () moved up 0.5%.
- Eldorado Gold () fell 0.4%.
- Goldcorp () edged up 0.1%.
- Kinross Gold () rose 0.5%.
- Newmont Mining () fell 0.7%.
- NovaGold Resources () slid 0.9%.
- Yamana Gold () gained 0.1%.
Silver mining shares mostly climbed during the day.
- Coeur d’Alene Mines () rose 0.6.
- Hecla Mining () increased 1.1%.
- Pan American Silver () climbed 1.2%.
- Silver Wheaton () fell 0.4%.
- Silver Standard Resources () sank 0.6%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
