Gold Rises on Eve of U.S. Elections

Gold and silver futures rose, while mining stocks were mixed

   

Gold Rises on Eve of U.S. Elections

PreciousMetalsRecap Gold Rises on Eve of U.S. ElectionsGold recovered modestly on Monday after falling sharply last week as the U.S. presidential election — and a decision about future American economic policy — loomed.

Gold futures for December delivery rose to $1,683.20 on Monday, according to CME Group. Gold traded as high as $1,686.20 and as low as $1,672.50. Gold bullion closed in London at $1,688, according to BullionVault.

gold coins scoop 630 flickr 200x200 Gold Rises on Eve of U.S. Elections
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Silver futures for December delivery also gained, closing up at $31.13 per ounce. Monday’s high for silver was $31.23, while the low was $30.66.

Gold and silver funds moved higher in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.4%.
  • The iShares Silver Trust (NYSE:SLV) increased 0.7%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dipped 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 0.9%.

Gold mining shares were mixed on Monday, with NovaGold Resources (NYSE:NG) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 2%.
  • Barrick Gold (NYSE:ABX) fell 0.9%.
  • Eldorado Gold (NYSE:EGO) dropped 1.7%.
  • Goldcorp (NYSE:GG) rose 0.5%.
  • Kinross Gold (NYSE:KGC) declined 1.6%
  • Newmont Mining (NYSE:NEM) fell 0.7%.
  • NovaGold Resources tumbled 2.8%.
  • Yamana Gold (NYSE:AUY) edged up 0.2%.

Silver mining shares declined on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) jumped 2.5%.
  • Hecla Mining (NYSE:HL) slipped 0.3%.
  • Pan American Silver (NASDAQ:PAAS) retreated 1.7%.
  • Silver Wheaton (NYSE:SLW) fell 1.3%.
  • Silver Standard Resources (NASDAQ:SSRI) plunged 4.6%.

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/gold-rises-on-eve-of-u-s-elections/.

©2014 InvestorPlace Media, LLC

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