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Gold Rallies on Weaker U.S. Dollar

Gold mining shares rose, while silver miners mostly followed


Gold Silver GLD IAU SLVGold 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,

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