Gold Gains on Stalled Fiscal Cliff Talks
by Christopher Freeburn | November 29, 2012 5:09 pm
[1]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[2]. 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[3].
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[4]) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also climbed 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) jumped 1.6%.
Gold and silver mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) increased 0.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) improved 1.1%.
Gold mining shares mostly fell on Thursday, with Yamana Gold (NYSE:AUY[10]) falling the hardest.
- Agnico-Eagle Mines (NYSE:AEM[11]) moved up 1.1%.
- Barrick Gold (NYSE:ABX[12]) edged up 0.2%.
- Eldorado Gold (NYSE:EGO[13]) fell 2.2%.
- Goldcorp (NYSE:GG[14]) declined 0.9%.
- Kinross Gold (NYSE:KGC[15]) moved down 0.7%.
- Newmont Mining (NYSE:NEM[16]) slid 0.6%.
- NovaGold Resources (NYSE:NG[17]) dipped 1.3%.
- Yamana Gold tumbled 3%.
Silver mining shares were mixed on Thursday.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 0.7%.
- Hecla Mining (NYSE:HL[19]) declined 0.3%.
- Pan American Silver (NASDAQ:PAAS[20]) climbed 1.6%.
- Silver Wheaton (NYSE:SLW[21]) rose 0.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) soared 4.5%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- 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
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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/2012/11/gold-gains-on-stalled-fiscal-cliff-talks/