Gold slipped, silver rose and miners were mixed
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:GLD) was flat.
- The iShares Gold Trust (NYSE:IAU) edged up 0.1%.
- The iShares Silver Trust (NYSE:SLV) rose 0.2%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 1%.
- The Global X Silver Miners ETF (NYSE:SIL) gained 0.3%.
Gold mining shares were mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) sank 0.5%.
- Barrick Gold (NYSE:ABX) rose 0.5%.
- Eldorado Gold (NYSE:EGO) increased 0.4%.
- Goldcorp (NYSE:GG) edged down 0.1%.
- Kinross Gold (NYSE:KGC) declined 0.3%.
- Newmont Mining (NYSE:NEM) climbed 0.5%.
- NovaGold Resources (AMEX:NG) fell 0.7%.
- Yamana Gold (NYSE:AUY) gained 0.3%.
Silver mining shares also mixed.
- Coeur d’Alene Mines (NYSE:CDE) dipped 0.8%.
- Hecla Mining (NYSE:HL) rose 1.5%.
- Pan American Silver (NASDAQ:PAAS) gained 0.5%.
- Silver Wheaton (NYSE:SLW) advanced 0.7%.
- Silver Standard Resources (NASDAQ:SSRI) slid 1.2%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
Feb 5, 2013, 4:42 pm EST | By Christopher Freeburn, InvestorPlace Writer