Gold Rebounds on Lowered Corporate Outlook
by Christopher Freeburn | October 22, 2012 4:54 pm
G
[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.
- The SPDR Gold Trust (NYSE:GLD[6]) inched up 0.4%.
- The iShares Gold Trust (NYSE:IAU[7]) also gained 0.4%.
- The iShares Silver Trust (NYSE:SLV[8]) increased 1%.
Gold and silver mining ETFs were higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[9]) moved higher 1.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[10]) gained 1.6%.
- The Global X Silver Miners ETF (NYSE:SIL[11]) climbed 2%.
Gold mining shares climbed on Monday, with Agnico-Eagle Mines (NYSE:AEM[12]) advancing the most.
- Agnico-Eagle Mines rose 1.8%.
- Barrick Gold (NYSE:ABX[13]) gained 1.2%.
- Eldorado Gold (NYSE:EGO[14]) increased 1.3%.
- Goldcorp (NYSE:GG[15]) edged up 1%.
- Kinross Gold (NYSE:KGC[16]) moved up 1.2%.
- Newmont Mining (NYSE:NEM[17]) advanced 1.1%.
- NovaGold Resources (AMEX:NG[18]) climbed 1.6%.
- Yamana Gold (NYSE:AUY[19]) added 0.9%.
Silver mining shares traded higher on Monday.
- Coeur d’Alene Mines (NYSE:CDE[20]) surged 4.2%.
- Hecla Mining (NYSE:HL[21]) gained 2.5%.
- Pan American Silver (NASDAQ:PAAS[22]) rose 3.5%.
- Silver Wheaton (NYSE:SLW[23]) advanced 3.1%.
- Silver Standard Resources (NASDAQ:SSRI[24]) 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[25] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CAT: http://studio-5.financialcontent.com/investplace/quote?Symbol=CAT
- trimmed its profit outlook for the year: https://investorplace.com/2012/10/caterpillar-tops-profit-estimates-cuts-outlook/
- 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
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/10/gold-rebounds-on-lowered-corporate-outlook/