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Gold Rises as U.S. Poised to Go Over Cliff

Gold and silver futures climb, miners mostly do the same


Gold Silver GLD IAU SLVComments from Senate Majority Leader Harry Reid suggesting that negotiations to avert the U.S. fiscal cliff would not lead to an agreement before the end of the year pushed gold up in Thursday trading. Gold had been moving lower prior to Reid’s remarks.

Gold futures for February delivery rose 0.2% to $1,663.70 on Thursday, according to CME Group. Gold traded as high as $1,666.10 and as low as $1,653.10. Gold bullion closed in London at $1,667, according to BullionVault.

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

Silver futures for February delivery increased 0.7% to $30.21 per ounce. Thursday’s high for silver was $30.40, while the low was $29.76.

Gold and silver funds increased in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) climbed 0.2%.
  • The iShares Gold Trust (NYSE:IAU) gained 0.3%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.8%.

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

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also advanced 0.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved up 0.4%.

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

  • Agnico-Eagle Mines (NYSE:AEM) increased 0.9%.
  • Barrick Gold (NYSE:ABX) gained 0.5%.
  • Eldorado Gold (NYSE:EGO) was flat.
  • Goldcorp (NYSE:GG) slipped 0.2%.
  • Kinross Gold (NYSE:KGC) rose 0.7%.
  • Newmont Mining advanced 0.9%.
  • NovaGold Resources (NYSE:NG) fell 0.5%.
  • Yamana Gold (NYSE:AUY) climbed 0.7%.

Silver mining shares mostly gained on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 0.9%.
  • Hecla Mining (NYSE:HL) gained 0.9%.
  • Pan American Silver (NASDAQ:PAAS) advanced 1.9%.
  • Silver Wheaton (NYSE:SLW) inched up 0.1%
  • Silver Standard Resources (NASDAQ:SSRI) surged 3.5%.

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,

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