Gold Shows Modest Gains on Softer Dollar

Gold and silver futures ticked up, while mining shares followed

   

Gold Shows Modest Gains on Softer Dollar

PreciousMetalsRecap Gold Shows Modest Gains on Softer DollarGold edged higher in Wednesday trading as buyers took advantage of recent price declines and the U.S. dollar weakened relative to other currencies.

Gold futures for December delivery rose to $1,753 on Wednesday, according to CME Group. Gold traded as high as $1,755 and as low as $1,744. Gold bullion closed in London at $1,752, according to BullionVault.

gold coins scoop 630 flickr 200x200 Gold Shows Modest Gains on Softer Dollar
Buy Gold Mining Stocks … Just Not THESE Gold Mining Stocks

Silver futures for December delivery also closed up at $33.23 per ounce. Wednesday’s high for silver was $33.30, while the low was $32.88.

Gold and silver funds rose in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged up 0.1%.
  • The iShares Gold Trust (NYSE:IAU) was flat.
  • The iShares Silver Trust (NYSE:SLV) gained 0.6%.

Gold and silver mining ETFs posted gains during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved up 0.3%.

Gold mining shares moved higher on Wednesday, with Eldorado Gold (NYSE:EGO) rising the highest.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 2%
  • Barrick Gold (NYSE:ABX) increased 0.3%.
  • Eldorado Gold rose 2.3%.
  • Goldcorp (NYSE:GG) advanced 0.8%.
  • Kinross Gold (NYSE:KGC) gained 0.9%.
  • Newmont Mining (NYSE:NEM) edged up 0.3%.
  • NovaGold Resources (NYSE:NG) rose 2.1%.
  • Yamana Gold (NYSE:AUY) improved 2.2%.

Silver mining shares advanced in Wednesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.8%.
  • Hecla Mining (NYSE:HL) moved up 0.2%.
  • Pan American Silver (NASDAQ:PAAS) increased 1.1%.
  • Silver Wheaton (NYSE:SLW) climbed 0.4%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 2.9%.

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-shows-modest-gains-on-softer-dollar/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.