Gold Rises on Eve of U.S. Elections
by Christopher Freeburn | November 5, 2012 5:18 pm
[1]Gold 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[2]. 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[3].
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[4]) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also gained 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) increased 0.7%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) dipped 0.5%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) slid 0.9%.
Gold mining shares were mixed on Monday, with NovaGold Resources (NYSE:NG[10]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) climbed 2%.
- Barrick Gold (NYSE:ABX[12]) fell 0.9%.
- Eldorado Gold (NYSE:EGO[13]) dropped 1.7%.
- Goldcorp (NYSE:GG[14]) rose 0.5%.
- Kinross Gold (NYSE:KGC[15]) declined 1.6%
- Newmont Mining (NYSE:NEM[16]) fell 0.7%.
- NovaGold Resources tumbled 2.8%.
- Yamana Gold (NYSE:AUY[17]) edged up 0.2%.
Silver mining shares declined on Monday.
- Coeur d’Alene Mines (NYSE:CDE[18]) jumped 2.5%.
- Hecla Mining (NYSE:HL[19]) slipped 0.3%.
- Pan American Silver (NASDAQ:PAAS[20]) retreated 1.7%.
- Silver Wheaton (NYSE:SLW[21]) fell 1.3%.
- Silver Standard Resources (NASDAQ:SSRI[22]) plunged 4.6%.
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.
Endnotes:
- [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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- 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/
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