Gold rebounded in Tuesday trading after the government released consumer price data showing little inflationary pressure in the U.S. economy, giving the Federal Reserve no reason to put the brakes on stimulus efforts, and the dollar slid against other currencies.
Gold futures for December delivery rose to $1,746.30 on Tuesday, according to CME Group. Gold traded as high as $1,748.90 and as low as $1,736.10. Gold bullion closed in London at $1,751, according to BullionVault.
Silver futures for December delivery also closed up at $32.96 per ounce. Tuesday’s high for silver was $33.08, while the low was $32.66.
Gold and silver funds climbed in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.6%.
- The iShares Gold Trust (NYSE:IAU) increased 0.7%.
- The iShares Silver Trust (NYSE:SLV) moved up 0.9%.
Gold and silver mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) gained 2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also climbed 2%.
- The Global X Silver Miners ETF (NYSE:SIL) jumped 2.6%.
Gold mining shares posted gains on Tuesday, with NovaGold Resources (AMEX:NG) rising the most.
- Agnico-Eagle Mines (NYSE:AEM) increased 1.5%
- Barrick Gold (NYSE:ABX) moved up 2.5%.
- Eldorado Gold (NYSE:EGO) gained 2.1%.
- Goldcorp (NYSE:GG) edged up 1.1%.
- Kinross Gold (NYSE:KGC) rose 2.3%.
- Newmont Mining (NYSE:NEM) climbed 2.3%.
- NovaGold Resources advanced 3.2%.
- Yamana Gold (NYSE:AUY) added 2.1%.
Silver mining shares moved higher in Tuesday trading.
- Coeur d’Alene Mines (NYSE:CDE) rose 2.7%.
- Hecla Mining (NYSE:HL) increased 2.8%.
- Pan American Silver (NASDAQ:PAAS) gained 1.8%.
- Silver Wheaton (NYSE:SLW) rose 1.9%.
- Silver Standard Resources (NASDAQ:SSRI) climbed 2.3%.
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.