Gold Gains on Stalled Fiscal Cliff Talks

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Gold Silver GLD IAU SLVGold 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.


Article printed from InvestorPlace Media, https://investorplace.com/2012/11/gold-gains-on-stalled-fiscal-cliff-talks/.

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