Gold Rises on Warning of U.S. Credit Downgrade

The dollar slips as Moody's says the U.S. could lose its AAA rating


Gold Silver GLD IAU SLVGold resumed its march toward a six-month high as the dollar slipped and investors sought security in the face of warnings of a U.S. credit downgrade from Moody’s.

Gold futures for December delivery rose to $1,734.10 on Tuesday, according to CME Group. Gold traded as high as $1,740.50 and as low as $1,728.70. Gold bullion closed in London at $1,735, according to BullionVault.

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Silver futures slipped slightly to $33.515 an ounce. Monday’s high for silver hit $33.875, while the low was $33.38.

Gold and silver funds edged up modestly on Tuesday.

  • The SPDR Gold Trust (NYSE:GLD) finished up 0.36%.
  • The iShares Gold Trust (NYSE:IAU) also was up 0.36%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.37%.

Gold and silver mining ETFs also moved upward.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.67%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 1.26%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 0.53%.

Gold mining shares showed mostly small gains for the day, with Eldorado Gold (NYSE:EGO) leading the way.

  • Agnico-Eagle Mines (NYSE:AEM) inched up 0.40%.
  • Barrick Gold (NYSE:ABX) gained 0.20%.
  • Eldorado Gold increased 2.75%.
  • Goldcorp (NYSE:GG) rose 0.31%.
  • Kinross Gold (NYSE:KGC) edged up 0.21%.
  • Newmont Mining (NYSE:NEM) finished up 1.25%.
  • NovaGold Resources (AMEX:NG) was unchanged.
  • Yamana Gold (NYSE:AUY) closed down 2.12%

Silver mining shares also experienced the uptick.

  • Coeur d’Alene Mines (NYSE:CDE) was flat.
  • Hecla Mining (NYSE:HL) rose 0.88%.
  • Pan American Silver (NASDAQ:PAAS) edged up 0.16%.
  • Silver Wheaton (NYSE:SLW) gained 0.36%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 1.55%.

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.

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