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Gold and Silver ETFs lose shine on firm dollar and strong earnings season
Gold prices have rallied about 2.5% over the past five sessions, supported by worries over inflation and uncertainty over what measures central banks would take to combat rising prices.
By Rony Abboud
0
- Gold
- Silver
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SPDR Gold Shares ETF (GLD) and iShares Silver Trust ETF (SLV) fell by -0.74% and -1.63% respectively on Tuesday as Gold and Silver retreated on firm dollar and renewed risk appetite. Gold prices fell as much as -1.5%, snapping a five-session long streak of gains and Silver followed suit with a -2.2% plunge.
Gold prices have rallied about 2.5% over the past five sessions, supported by worries over inflation and uncertainty over what measures central banks would take to combat rising prices. However, strong results from technology companies lifted the benchmark S&P 500 index to a record high during the session, stealing the shine off safe-haven gold.
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Also dimming precious metals appeal, is the rise in the dollar index, which advanced by roughly 0.15% on Tuesday. Focus this week will be on major central bank meetings, including those of the European Central Bank and the Bank of Japan scheduled on Thursday.
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