Gold Shows Modest Gains on Softer Dollar
by Christopher Freeburn | October 17, 2012 5:07 pm
Gold 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[1]. Gold traded as high as $1,755 and as low as $1,744. Gold bullion closed in London at $1,752, according to BullionVault[2].
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[3]) edged up 0.1%.
- The iShares Gold Trust (NYSE:IAU[4]) was flat.
- The iShares Silver Trust (NYSE:SLV[5]) gained 0.6%.
Gold and silver mining ETFs posted gains during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[6]) rose 0.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[7]) increased 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL[8]) moved up 0.3%.
Gold mining shares moved higher on Wednesday, with Eldorado Gold (NYSE:EGO[9]) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM[10]) climbed 2%
- Barrick Gold (NYSE:ABX[11]) increased 0.3%.
- Eldorado Gold rose 2.3%.
- Goldcorp (NYSE:GG[12]) advanced 0.8%.
- Kinross Gold (NYSE:KGC[13]) gained 0.9%.
- Newmont Mining (NYSE:NEM[14]) edged up 0.3%.
- NovaGold Resources (NYSE:NG[15]) rose 2.1%.
- Yamana Gold (NYSE:AUY[16]) improved 2.2%.
Silver mining shares advanced in Wednesday trading.
- Coeur d’Alene Mines (NYSE:CDE[17]) gained 1.8%.
- Hecla Mining (NYSE:HL[18]) moved up 0.2%.
- Pan American Silver (NASDAQ:PAAS[19]) increased 1.1%.
- Silver Wheaton (NYSE:SLW[20]) climbed 0.4%.
- Silver Standard Resources (NASDAQ:SSRI[21]) rose 2.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.
- 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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- 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-shows-modest-gains-on-softer-dollar/