Concerns Over Fiscal Cliff Send Gold Higher

Gold and silver moved higher, while miners mostly closed down

   

Gold climbed for a fifth consecutive session on Friday as investors grew increasingly concerned about the “fiscal cliff” of mandatory tax hikes and spending cuts that will be imposed if Democrats and Republicans cannot negotiate a debt deal.

Gold futures for December delivery rose to $1,730.90 on Friday, according to CME Group. Gold traded as high as $1,739.40 and as low as $1,726.90. Gold bullion closed in London at $1,734, according to BullionVault.

Gold185 Concerns Over Fiscal Cliff Send Gold Higher
2 to Buy, 2 to Sell in Precious Metals

Silver futures for December delivery also gained, closing up at $32.60 per ounce. Friday’s high for silver was $32.79, while the low was $32.07.

Gold and silver funds advanced in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged lower 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.2%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.5%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved up 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 1.2%.

Gold mining shares were mostly lower on Friday, with NovaGold Resources (NYSE:NG), bucked the trend and rose.

  • Agnico-Eagle Mines (NYSE:AEM) dipped 1.4%.
  • Barrick Gold (NYSE:ABX) fell 1.2%.
  • Eldorado Gold (NYSE:EGO) moved down 1.8%.
  • Goldcorp (NYSE:GG) declined 1.6%.
  • Kinross Gold (NYSE:KGC) climbed 1.8%.
  • Newmont Mining (NYSE:NEM) rose 1.5%.
  • NovaGold Resources climbed 3.6%.
  • Yamana Gold (NYSE:AUY) slipped 1.3%.

Silver mining shares declined on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) tumbled 3.1%.
  • Hecla Mining (NYSE:HL) fell 0.8%.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.2%.
  • Silver Wheaton (NYSE:SLW) slid 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI)moved down 0.7%.

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/2012/11/concerns-over-fiscal-cliff-send-gold-higher/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.