Gold Rises on Warning of U.S. Credit Downgrade

by Christopher Freeburn | September 11, 2012 5:24 pm

Gold Silver GLD IAU SLV[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs also moved upward.

Gold mining shares showed mostly small gains for the day, with Eldorado Gold (NYSE:EGO[10]) leading the way.

Silver mining shares also experienced the uptick.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Endnotes:

  1. [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com/
  3. BullionVault: http://www.bullionvault.com/
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com

Source URL: https://investorplace.com/2012/09/gold-rises-on-warning-of-u-s-credit-downgrade/