Gold Surges Most in Seven Weeks

Gold and silver futures rose, while mining stocks were mixed

   

Gold Surges Most in Seven Weeks

PreciousMetalsRecap Gold Surges Most in Seven WeeksGold soared in Tuesday trading, posting its biggest daily gain in seven weeks as investors awaited the outcome of the U.S. presidential election.

Gold futures for December delivery jumped to $1,715 on Tuesday, according to CME Group. Gold traded as high as $1,720.90 and as low as $1,683.50. Gold bullion closed in London at $1,719, according to BullionVault.

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Silver futures for December delivery also gained, closing up at $32.03 per ounce. Tuesday’s high for silver was $32.28, while the low was $31.07.

Gold and silver funds moved higher in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) jumped 1.9%.
  • The iShares Gold Trust (NYSE:IAU) also climbed 1.9%.
  • The iShares Silver Trust (NYSE:SLV) surged 2.8%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 1.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) rose 2.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) edged 0.5%.

Gold mining shares were moved higher on Tuesday, with Eldorado Gold (NYSE:EGO) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.7%.
  • Barrick Gold (NYSE:ABX) climbed 1.4%.
  • Eldorado Gold jumped 4.3%.
  • Goldcorp (NYSE:GG) increased 1.7%.
  • Kinross Gold (NYSE:KGC) rose 1.5%
  • Newmont Mining (NYSE:NEM) edged up 0.2%.
  • NovaGold Resources (NYSE:NG) gained 1.5%.
  • Yamana Gold (NYSE:AUY) advanced 3.4%.

Silver mining shares were mixed on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) plunged 20.7%.
  • Hecla Mining (NYSE:HL) dropped 6.5%.
  • Pan American Silver (NASDAQ:PAAS) rose 1%.
  • Silver Wheaton (NYSE:SLW) gained 1.4%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 3.2%.

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-surges-most-in-seven-weeks/.

©2014 InvestorPlace Media, LLC

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