Silver prices were down 26 cents to $17.57 while copper prices were losing 1 cent to $3.016. Silver and copper were also suffering from fears of decreased demand from China. China raised the amount of money banks need to keep in their reserves by 50 basis points which takes currency out of circulation. With banks lending less, China's construction spending could slow and crimp demand for silver and copper.
Mining stocks, sometimes a more profitable way to invest in gold, were recovering along with broader equities. Barrick Gold (ABX - Get Report) was up 0.49% to $43.13 while Newmont Mining (NEM - Get Report) was down 0.15% to $54.22. Other large-cap miners Goldcorp (GG - Get Report) and Kinross Gold (KGC - Get Report) were down to $42.82 and $17.82, respectively. TD Newcrest downgraded Kinross to hold from buy after the company said it made 14 cents a share in the first quarter, which was below expectations.
Shares of Freeport McMoRan Copper & Gold (FCX - Get Report) were rising 1.84% to $71.78 while Yamana Gold (AUY - Get Report) was adding 0.28% to $10.60 despite the fact the company increased its divided by 50 percent.The popular gold ETF, SPDR Gold Trust (GLD) was up 0.16% to $114.97.
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