Gold sank in Tuesday trading, snapping a three-session streak of gains. The metal fell after the government reported better-than-expected sales at U.S. retailers last month.
The Commerce Department said that U.S. retail sales climbed 0.2% in December. That surprised economists who had forecast a 0.1% decline in retail sales. Subtracting automotive sales, retail activity rose 0.7%. Economists had anticipated a 0.4% increase in retail sales when auto sales were excluded. Equities markets and the U.S. dollar rallied on the news.
Gold futures for February delivery slipped 0.5% to $1,245.40 per ounce on Tuesday, according to . Gold traded as high as $1,254.90 and as low as $1,241.10. Bullion closed in London at $1,246, according to .
Silver futures for March delivery fell 0.5%, to $20.28 per ounce. Tuesday’s high for silver was $20.67, while the low was $20.13.
Metal funds declined on Tuesday.
- The SPDR Gold Shares () slipped 0.9%.
- The iShares Gold Trust () fell 0.9%.
- The iShares Silver Trust () dropped 1.2%.
Mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF () slid 2.4%.
- The Market Vectors Junior Gold Miners ETF () sank 2.3%.
- The Global X Silver Miners ETF () fell 1.4%.
Gold stocks mostly pulled back on Tuesday.
- Agnico-Eagle Mines () dropped 2.9%.
- Barrick Gold () slid 2%.
- Eldorado Gold () sank 3.8%.
- Goldcorp () fell 3.5%.
- Kinross Gold () declined 2.6%.
- Newmont Mining () moved down 2%.
- NovaGold Resources () tumbled 5.1%.
- Yamana Gold () gained 0.8%.
Silver mining shares slumped during the day.
- Coeur d’Alene Mines () fell 3.2%.
- Hecla Mining () slipped 2.2%.
- Pan American Silver () dropped 1%.
- Silver Wheaton () faded 2%.
- Silver Standard Resources () declined 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.
