September Consumer Prices Report Helps Send Gold Higher
by Christopher Freeburn | October 16, 2012 5:13 pm
Gold rebounded in Tuesday trading after the government released consumer price data showing little inflationary pressure[1] 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[2]. 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[3].
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[4]) rose 0.6%.
- The iShares Gold Trust (NYSE:IAU[5]) increased 0.7%.
- The iShares Silver Trust (NYSE:SLV[6]) moved up 0.9%.
Gold and silver mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) also climbed 2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) jumped 2.6%.
Gold mining shares posted gains on Tuesday, with NovaGold Resources (AMEX:NG[10]) rising the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 1.5%
- Barrick Gold (NYSE:ABX[12]) moved up 2.5%.
- Eldorado Gold (NYSE:EGO[13]) gained 2.1%.
- Goldcorp (NYSE:GG[14]) edged up 1.1%.
- Kinross Gold (NYSE:KGC[15]) rose 2.3%.
- Newmont Mining (NYSE:NEM[16]) climbed 2.3%.
- NovaGold Resources advanced 3.2%.
- Yamana Gold (NYSE:AUY[17]) added 2.1%.
Silver mining shares moved higher in Tuesday trading.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 2.7%.
- Hecla Mining (NYSE:HL[19]) increased 2.8%.
- Pan American Silver (NASDAQ:PAAS[20]) gained 1.8%.
- Silver Wheaton (NYSE:SLW[21]) rose 1.9%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 2.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- showing little inflationary pressure: https://investorplace.com/2012/10/september-consumer-prices-rise-on-higher-gas-prices/
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- 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/september-consumer-prices-send-gold-higher/