Also on the minds of gold investors is whether eurozone finance ministers will release emergency loans to Greece. The euro was effectively unchanged Tuesday as multiple reports suggested optimism that the eurozone would finally release the funds.
News of promising fiscal cliff negotiations, driven by the president's comments on Friday and his White House press secretary on Saturday, led gold prices higher on Monday. Some analysts suggested this move higher was warranted.
"I think the positive reaction in the market is warranted to some extent in that a lot of its selling was, first of all, surprise selling on the part of those individuals -- could be close to half the population, could be close to half the investing population -- who actually thought as late as 10 p.m. election night that [Mitt] Romney was going to win," Brian Gendreau, a market strategist at Cetera Financial Group,
said Monday in an interview
Gold mining stocks turned mostly lower Tuesday afternoon. Shares of
(AEM - Get Report)
were shrinking 1.9%, while shares of
were shedding 2.6%.
Among volume leaders,
(ABX - Get Report)
was off 0.15%, but
was down 0.21%.
SPDR Gold Trust
was decreasing 0.34%, while
iShares Gold Trust
was down 0.24%.
-- Written by Joe Deaux in New York.