Gold Rebounds on Lowered Corporate Outlook

by Christopher Freeburn | October 22, 2012 4:54 pm

GPreciousMetalsRecap Gold Rebounds on Lowered Corporate Outlook[1]old prices recovered some of Friday’s losses on Monday as bargain hunters entered the market and construction equipment-maker Caterpillar (NYSE:CAT[2]) trimmed its profit outlook for the year[3], 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[4]. 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[5].

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.

Gold and silver mining ETFs were higher during the day.

Gold mining shares climbed on Monday, with Agnico-Eagle Mines (NYSE:AEM[12]) advancing the most.

Silver mining shares traded higher on Monday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[25] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CAT: http://studio-5.financialcontent.com/investplace/quote?Symbol=CAT
  3. trimmed its profit outlook for the year: http://investorplace.com/2012/10/caterpillar-tops-profit-estimates-cuts-outlook/
  4. CME Group: http://www.cmegroup.com
  5. BullionVault: http://www.bullionvault.com
  6. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  7. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  8. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  11. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  15. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  16. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  17. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  18. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  19. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  20. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  21. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  22. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  23. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  24. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  25. BullionVault: http://www.bullionvault.com/

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