On Tuesday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, declined $9.80 to close at $1,424.50 per ounce, while silver (NYSEARCA:SLV) futures for July fell 32 cents to finish at $23.38.
Both precious metals declined as stocks rose to make new all-time nominal highs. The US. dollar index, which compares the greenback in a basket against six other fiat currencies, also climbed higher to hit 83.60, its best level of the year.
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Adding to the bullish sentiment in the markets, the Congressional Budget Office says the nation’s budget deficit will decline to $642 billion this year, compared to a $1.1 trillion deficit last year. Next year’s deficit is expected to shrink to $560 billion.
By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) declined 0.45 percent, while the iShares Silver Trust (NYSEARCA:SLV) dropped 1.14 percent. However, shares of Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) both managed to close slightly higher. Shares of Hecla Mining (NYSE:HL) finished flat.
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Disclosure: Long EXK, AG, HL, PHYS