Gold Rallies on Weaker U.S. Dollar

Gold mining shares rose, while silver miners mostly followed

   

Gold Rallies on Weaker U.S. Dollar

PreciousMetalsRecap Gold Rallies on Weaker U.S. DollarGold rose on Monday, approaching a one-year high, as a improved domestic manufacturing report sent the U.S. dollar down against other currencies.

Gold futures for December delivery rose to $1,783.30 on Monday, according to CME Group. Gold traded as high as $1,794.40 and as low as $1,765.70. Gold bullion closed in London at $1,778, according to BullionVault.

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Silver futures for December delivery also gained, closing up at $34.95 per ounce. Monday’s high for silver was $35.44, while the low was $34.21.

Gold and silver funds increased slightly in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged up 0.2%.
  • The iShares Gold Trust (NYSE:IAU) moved higher 0.1%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.5%.

Gold and silver mining ETFs also posted modest gains during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) inched up 0.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 0.6%.

Gold mining shares improved on Monday, with Agnico-Eagle Mines (NYSE:AEM) sticking out.

  • Agnico-Eagle Mines climbed 1.6%
  • Barrick Gold (NYSE:ABX) moved up 0.3%.
  • Eldorado Gold (NYSE:EGO) increased 0.9%.
  • Goldcorp (NYSE:GG) rose 0.8%.
  • Kinross Gold (NYSE:KGC) gained 1.6%.
  • Newmont Mining (NYSE:NEM) dropped 0.9%.
  • NovaGold Resources (AMEX:NG) was unchanged.
  • Yamana Gold (NYSE:AUY) moved higher 0.4%

Silver mining shares closed mostly higher in Monday trading.

  • Coeur d’Alene Mines (NYSE:CDE) rose 1.1%.
  • Hecla Mining (NYSE:HL) climbed 1.8%.
  • Pan American Silver (NASDAQ:PAAS) increased 1.1%.
  • Silver Wheaton (NYSE:SLW) dropped 1.2%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 0.8%.

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/2012/10/gold-rallies-on-weaker-u-s-dollar/.

©2014 InvestorPlace Media, LLC

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