Gold Rebounds on Lowered Corporate Outlook

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

GGold Silver GLD IAU SLV[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.

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  2. CAT:
  3. trimmed its profit outlook for the year:
  4. CME Group:
  5. BullionVault:
  6. GLD:
  7. IAU:
  8. SLV:
  9. GDX:
  10. GDXJ:
  11. SIL:
  12. AEM:
  13. ABX:
  14. EGO:
  15. GG:
  16. KGC:
  17. NEM:
  18. NG:
  19. AUY:
  20. CDE:
  21. HL:
  22. PAAS:
  23. SLW:
  24. SSRI:
  25. BullionVault:

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