Gold Rallies on Weaker U.S. Dollar
by Christopher Freeburn | October 1, 2012 5:15 pm
Gold 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[1]. 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[2].
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[3]) edged up 0.2%.
- The iShares Gold Trust (NYSE:IAU[4]) moved higher 0.1%.
- The iShares Silver Trust (NYSE:SLV[5]) rose 0.5%.
Gold and silver mining ETFs also posted modest gains during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[6]) gained 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[7]) inched up 0.3%.
- The Global X Silver Miners ETF (NYSE:SIL[8]) rose 0.6%.
Gold mining shares improved on Monday, with Agnico-Eagle Mines (NYSE:AEM[9]) sticking out.
- Agnico-Eagle Mines climbed 1.6%
- Barrick Gold (NYSE:ABX[10]) moved up 0.3%.
- Eldorado Gold (NYSE:EGO[11]) increased 0.9%.
- Goldcorp (NYSE:GG[12]) rose 0.8%.
- Kinross Gold (NYSE:KGC[13]) gained 1.6%.
- Newmont Mining (NYSE:NEM[14]) dropped 0.9%.
- NovaGold Resources (AMEX:NG[15]) was unchanged.
- Yamana Gold (NYSE:AUY[16]) moved higher 0.4%
Silver mining shares closed mostly higher in Monday trading.
- Coeur d’Alene Mines (NYSE:CDE[17]) rose 1.1%.
- Hecla Mining (NYSE:HL[18]) climbed 1.8%.
- Pan American Silver (NASDAQ:PAAS[19]) increased 1.1%.
- Silver Wheaton (NYSE:SLW[20]) dropped 1.2%.
- Silver Standard Resources (NASDAQ:SSRI[21]) fell 0.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[2] contributed to this report.
- CME Group: http://www.cmegroup.com/
- BullionVault: http://www.bullionvault.com/
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
Source URL: https://investorplace.com/2012/10/gold-rallies-on-weaker-u-s-dollar/