Gold rose in Thursday trading as negotiations between the White House and congressional Republicans over a budget deal for the approaching U.S. fiscal cliff appeared to go nowhere and the U.S. dollar fell against other currencies.
Gold futures for December delivery rose to $1,725.20 on Thursday, according to CME Group. Gold traded as high as $1,729 and as low as $1,717.70. Gold bullion closed in London at $1,729, according to BullionVault.
Silver futures for December delivery increased to $34.27 per ounce. Thursday’s high for silver was $34.40, while the low was $33.54.
Gold and silver funds improved in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU) also climbed 0.4%.
- The iShares Silver Trust (NYSE:SLV) jumped 1.6%.
Gold and silver mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.6%.
- The Global X Silver Miners ETF (NYSE:SIL) improved 1.1%.
Gold mining shares mostly fell on Thursday, with Yamana Gold (NYSE:AUY) falling the hardest.
- Agnico-Eagle Mines (NYSE:AEM) moved up 1.1%.
- Barrick Gold (NYSE:ABX) edged up 0.2%.
- Eldorado Gold (NYSE:EGO) fell 2.2%.
- Goldcorp (NYSE:GG) declined 0.9%.
- Kinross Gold (NYSE:KGC) moved down 0.7%.
- Newmont Mining (NYSE:NEM) slid 0.6%.
- NovaGold Resources (NYSE:NG) dipped 1.3%.
- Yamana Gold tumbled 3%.
Silver mining shares were mixed on Thursday.
- Coeur d’Alene Mines (NYSE:CDE) fell 0.7%.
- Hecla Mining (NYSE:HL) declined 0.3%.
- Pan American Silver (NASDAQ:PAAS) climbed 1.6%.
- Silver Wheaton (NYSE:SLW) rose 0.7%.
- Silver Standard Resources (NASDAQ:SSRI) soared 4.5%.
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.