Gold Continues Momentum, Hits New 6-Month High

Gold, silver continue to bask in afterglow of Fed's QE3 decision

   

PreciousMetalsRecap Gold Continues Momentum, Hits New 6 Month HighGold extended yesterday’s gains, posting a modest increase on Friday and hitting a new six month high.

Gold futures for December delivery closed up at $1,772.70 on Friday, according to CME Group. Gold traded as high as $1,780.20 and as low as $1,767.70. Gold bullion closed in London at $1,774, according to BullionVault.

gold bars flickr 630 200x200 Gold Continues Momentum, Hits New 6 Month High
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Silver futures closed at $34.656 per ounce. Friday’s high for silver was $34.985, while the low was $34.32.

Gold and silver funds posted small gains on Friday.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also was up 0.3%.
  • The iShares Silver Trust (NYSE:SLV) edged up 0.02%.

Gold and silver mining ETFs also rose.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 2.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 2.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) soared 2.6%.

Gold mining shares posted gains for the day, with NovaGold Resources (AMEX:NG) again leading the way.

  • Agnico-Eagle Mines (NYSE:AEM) increased 2.4%
  • Barrick Gold (NYSE:ABX) rose 1.8%.
  • Eldorado Gold (NYSE:EGO) climbed 4.2%.
  • Goldcorp (NYSE:GG) moved up 1.7%.
  • Kinross Gold (NYSE:KGC) gained 3.7%.
  • Newmont Mining (NYSE:NEM) increased 3.1%.
  • NovaGold Resources jumped 6.3%.
  • Yamana Gold (NYSE:AUY) closed up 1.7%

Silver mining shares also continued their rise.

  • Coeur d’Alene Mines (NYSE:CDE) gained 6.4%.
  • Hecla Mining (NYSE:HL) moved up 1.8%.
  • Pan American Silver (NASDAQ:PAAS) improved 4.8%.
  • Silver Wheaton (NYSE:SLW) increased 2.6%.
  • Silver Standard Resources (NASDAQ:SSRI) edged up 1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/gold-continues-momentum-hits-new-6-month-high/.

©2014 InvestorPlace Media, LLC

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