Precious Metals Turn Lower, XAU Gives Up Gains

Gold and silver shares turned lower alongside precious metals in late Tuesday morning trading amid profit taking in the sector.

The spot price of gold – which hit a new all-time record high of $1,922.20 per ounce earlier this morning – tumbled $32.72 to $1,867.48 per ounce, while silver slid $1.01 to $41.99 per ounce as of 11:43am ET.

Gold and silver shares relinquished their gains as well, with the Philadelphia Gold & Silver Index (XAU) dipping 0.3% to 222.14.  The XAU had been higher by as much as 1.9% at 226.94.

Among gold producers, notable decliners included Agnico-Eagle Mines (AEM) and Gold Fields (GFI), which fell 0.4% and 2.7%, respectively.