Gold Inches Higher in Low Post-Holiday Trading

Gold and silver futures rose, miners mostly followed


Gold Silver GLD IAU SLVGold advanced slightly in light trading on Wednesday as investors awaited word of a deal on the U.S. budget after President Barack Obama said he would cut short his vacation and return to Washington. London markets were closed for Boxing Day.

Gold futures for February delivery rose fractionally to $1,660.70 on Wednesday, according to CME Group. Gold traded as high as $1,668.70 and as low as $1,650.60. Gold bullion closed in London at $1,662, according to BullionVault.

Is the Selloff in Gold and Silver Overblown?
Is the Selloff in Gold and Silver Overblown?

Silver futures for February delivery closed up 0.5% $30.11 per ounce. Wednesday’s high for silver was $30.10, while the low was $29.95.

Gold and silver funds increased in Wednesday trading.

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

Gold and silver mining ETFs also moved higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved up 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) was flat.

Gold mining shares advanced, with Newmont Mining (NYSE:NEM) rising the highest.

  • Agnico-Eagle Mines (NYSE:AEM) fell 1%.
  • Barrick Gold (NYSE:ABX) rose 1%.
  • Eldorado Gold (NYSE:EGO) added 0.2%.
  • Goldcorp (NYSE:GG) gained 0.8%.
  • Kinross Gold (NYSE:KGC) moved up 0.1%.
  • Newmont Mining climbed 1.9%.
  • NovaGold Resources (NYSE:NG) moved higher 1.1%.
  • Yamana Gold (NYSE:AUY) was flat.

Silver mining shares were mixed on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) added 1.3%.
  • Hecla Mining (NYSE:HL) rose 0.4%.
  • Pan American Silver (NASDAQ:PAAS) fell 0.5%.
  • Silver Wheaton (NYSE:SLW) dipped 0.4%
  • Silver Standard Resources (NASDAQ:SSRI) gained 0.9%.

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.

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