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Gold Flat as U.S. Budget Talks Move Forward

Gold futures gained, silver declined and miners were mixed


Gold Silver GLD IAU SLVAfter rising in early Monday trading on comments by the Japanese Prime Minister that sparked hope for more Bank of Japan stimulus spending, gold ended the day almost unchanged.

A second meeting between Speaker of the House John Boehner and President Barack Obama suggested that a deal may be close in U.S. budget negotiations, cooling investor enthusiasm for the metal.

Gold In 2013: Things Look Just Right
Gold In 2013: Things Look Just Right

Gold futures for February delivery moved up slightly to $1,699.50 on Monday, according to CME Group. Gold traded as high as $1,701 and as low as $1,687.50. Gold bullion closed in London at $1,701, according to BullionVault.

Silver futures for February delivery dipped fractionally to $32.30 per ounce. Monday’s high for silver was $32.40, while the low was $32.14.

Gold and silver funds climbed in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.2%.
  • The iShares Silver Trust (NYSE:SLV) added 0.1%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.4%.

Gold mining shares were also mixed, with Eldorado Gold (NYSE:EGO) rising the highest.

  • Agnico-Eagle Mines (NYSE:AEM) slid 0.5%.
  • Barrick Gold (NYSE:ABX) gained 0.8%.
  • Eldorado Gold advanced 1.1%.
  • Goldcorp (NYSE:GG) rose 0.4%.
  • Kinross Gold (NYSE:KGC) dipped 0.2%.
  • Newmont Mining (NYSE:NEM) climbed 0.8%.
  • NovaGold Resources (NYSE:NG) fell 0.9%.
  • Yamana Gold (NYSE:AUY) also retreated 0.9%.

Silver mining shares mostly moved lower on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 1%.
  • Hecla Mining (NYSE:HL) advanced 1.6%.
  • Pan American Silver (NASDAQ:PAAS) slipped 0.5%.
  • Silver Wheaton (NYSE:SLW) was flat.
  • Silver Standard Resources (NASDAQ:SSRI) declined 1%.

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/2012/12/gold-flat-as-u-s-budget-talks-move-forward/.

©2017 InvestorPlace Media, LLC