Precious Metals Close Lower as Protesting Sweeps Spain

On Tuesday, gold (NYSEARCA:GLD) futures for December delivery increased $1.80 to settle at $1,766.40 per ounce, while silver (NYSEARCA:SLV) edged 4 cents lower to close at $33.95.

Although futures trading closed flat, both precious metals headed lower as protesters clashed with police in Spain over austerity measures. The protesting was planned, but the outcome was far larger than many had expected.

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BBC News reports, “One protester at least has been injured in the clashes, with several arrests reported as police try to prevent demonstrators gaining access to Congress. Thousands of people are massed in Plaza de Neptuno square in central Madrid for the planned march on parliament. But their route towards the main entrance of the parliament building is blocked off by metal railings, police vans and hundreds of Spanish riot police.

By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) finished slightly in the red, while the iShares Silver Trust (NYSEARCA:SLV) closed almost 1 percent lower. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) declined 0.75 percent and 0.90 percent, respectively. Meanwhile, First Majestic Silver (NYSE:AG) and Hecla Mining (NYSE:HL) dropped 2 percent and 3.15 percent, respectively.

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Disclosure: Long EXK, AG, HL, PHYS