Gold Surges Most in Seven Weeks
by Christopher Freeburn | November 6, 2012 5:08 pm
[1]Gold 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[2]. 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[3].
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[4]) jumped 1.9%.
- The iShares Gold Trust (NYSE:IAU[5]) also climbed 1.9%.
- The iShares Silver Trust (NYSE:SLV[6]) surged 2.8%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 1.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) rose 2.1%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) edged 0.5%.
Gold mining shares were moved higher on Tuesday, with Eldorado Gold (NYSE:EGO[10]) rising the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) rose 1.7%.
- Barrick Gold (NYSE:ABX[12]) climbed 1.4%.
- Eldorado Gold jumped 4.3%.
- Goldcorp (NYSE:GG[13]) increased 1.7%.
- Kinross Gold (NYSE:KGC[14]) rose 1.5%
- Newmont Mining (NYSE:NEM[15]) edged up 0.2%.
- NovaGold Resources (NYSE:NG[16]) gained 1.5%.
- Yamana Gold (NYSE:AUY[17]) advanced 3.4%.
Silver mining shares were mixed on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) plunged 20.7%.
- Hecla Mining (NYSE:HL[19]) dropped 6.5%.
- Pan American Silver (NASDAQ:PAAS[20]) rose 1%.
- Silver Wheaton (NYSE:SLW[21]) gained 1.4%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 3.2%.
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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- 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
- 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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