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

by Christopher Freeburn | December 27, 2012 4:50 pm

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

PreciousMetalsRecap Gold Rises as U.S. Poised to Go Over Cliff[1]Comments 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[2]. 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[3].

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.

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

Gold mining shares rose, with Newmont Mining (NYSE:NEM[10]) rising the highest.

Silver mining shares mostly gained on Thursday.

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:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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