Gold and Silver Struggle After Upbeat Economic Reports
On Tuesday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, dipped $7.80 to close at $1,379.70 per ounce, while silver (NYSEARCA:SLV) futures for July fell 30 cents to finish at $22.19.
Both precious metals struggled as positive economic reports hit headlines. The index of consumer attitudes jumped to 76.2 in May, compared to an upwardly revised 69.0 in April, according to The Conference Board. This was the highest reading in over five years.
Furthermore, the latest reading from the Standard & Poor’s/Case-Shiller index showed a 10.9 percent jump in home prices for March, compared to the prior year. Home prices in 20 major metropolitan areas rose at their fastest rate since April 2006.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) edged 0.20 percent lower, while the iShares Silver Trust (NYSEARCA:SLV) fell 0.30 percent. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) both declined about 0.35 percent. Meanwhile, First Majestic Silver (NYSE:AG) dropped more than 1 percent.
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