Gold Rebounds on Lowered Corporate Outlook

Metal futures post gains Monday; silver miners surge to open week

   

Gold Rebounds on Lowered Corporate Outlook

GPreciousMetalsRecap Gold Rebounds on Lowered Corporate Outlookold prices recovered some of Friday’s losses on Monday as bargain hunters entered the market and construction equipment-maker Caterpillar (NYSE:CAT) trimmed its profit outlook for the year, renewing concerns about the anemic U.S. economy.

Gold futures for December delivery edged higher to $1,726.30 on Monday, according to CME Group. Gold traded as high as $1,730.30 and as low as $1,714.40. Gold bullion closed in London at $1,731, according to BullionVault.

gold bars flickr 630 200x200 Gold Rebounds on Lowered Corporate Outlook
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Silver futures for December delivery also closed up at $32.25 per ounce. Monday’s high for silver was $32.48, while the low was $31.70.

Gold and silver funds rose in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) inched up 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.4%.
  • The iShares Silver Trust (NYSE:SLV) increased 1%.

Gold and silver mining ETFs were higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) moved higher 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) climbed 2%.

Gold mining shares climbed on Monday, with Agnico-Eagle Mines (NYSE:AEM) advancing the most.

  • Agnico-Eagle Mines rose 1.8%.
  • Barrick Gold (NYSE:ABX) gained 1.2%.
  • Eldorado Gold (NYSE:EGO)  increased 1.3%.
  • Goldcorp (NYSE:GG) edged up 1%.
  • Kinross Gold (NYSE:KGC) moved up 1.2%.
  • Newmont Mining (NYSE:NEM) advanced 1.1%.
  • NovaGold Resources (AMEX:NG) climbed 1.6%.
  • Yamana Gold (NYSE:AUY) added 0.9%.

Silver mining shares traded higher on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) surged 4.2%.
  • Hecla Mining (NYSE:HL) gained 2.5%.
  • Pan American Silver (NASDAQ:PAAS) rose 3.5%.
  • Silver Wheaton (NYSE:SLW) advanced 3.1%.
  • Silver Standard Resources (NASDAQ:SSRI) inched up 0.4%.

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-rebounds-on-lowered-corporate-outlook/.

©2014 InvestorPlace Media, LLC

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