Gold kept the momentum from last week’s advances, trading 0.5% higher Tuesday, with a final bid of $1,693.60 per ounce, according to CME Group data. Gold prices reached a high of $1,699 and a low of $1,685.10. Gold bullion finished Tuesday at $1,698 per ounce in London, according to BullionVault.
Silver futures spiked 3% Tuesday, with a final bid of $32.37 per ounce. Tuesday’s high for silver reached $32.37, and the low was $31.54.
“Precious metals are continuing their upswing,” according to a commodities note from Commerzbank. “Silver has made even stronger gains than gold … underpinned by speculative financial investors.”
Gold and silver funds brought in gains Tuesday, with the iShares Silver Trust (NYSE:SLV) faring best.
- The SPDR Gold Trust (NYSE:GLD) finished 0.2% higher.
- The iShares Gold Trust (NYSE:IAU) also was 0.2% higher.
- The iShares Silver Trust climbed 1.9%.
Gold and silver mining ETFs were mixed Tuesday.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 1.8%.
- The Global X Silver Miners ETF (NYSE:SIL) also rose 1.8%.
Gold mining shares were mixed.
- Agnico-Eagle Mines (NYSE:AEM) fell 1.1%.
- Barrick Gold (NYSE:ABX) dipped 0.7%.
- Eldorado Gold (NYSE:EGO) finished 2% higher.
- Goldcorp (NYSE:GG) was 1% lower.
- Kinross Gold (NYSE:KGC) slipped 0.3%
- Newmont Mining (NYSE:NEM) finished 1.7% lower.
- NovaGold Resources (AMEX:NG) ticked up 0.4%
- Yamana Gold (NYSE:AUY) headed north 0.2%.
Silver mining shares reeled in healthy gains Tuesday.
- Coeur d’Alene Mines (NYSE:CDE) rose 2.4%.
- Hecla Mining (NYSE:HL) climbed 1.3%.
- Pan American Silver (NASDAQ:PAAS) jumped 3.8%.
- Silver Wheaton (NYSE:SLW) was 1.6% higher.
- Silver Standard Resources (NASDAQ:SSRI) surged 4.5%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.