Gold Rises on Federal Reserve Expectations
by Christopher Freeburn | December 10, 2012 4:40 pm
[1]Gold rose slightly in Monday trading in advance of this week’s Federal Reserve meeting as investors hope for an announcement of additional efforts to stimulate the U.S. economy.
Gold futures for December delivery climbed to $1712.70 on Monday, according to CME Group[2]. Gold traded as high as $1,717 and as low as $1,704.20. Gold bullion closed in London at $1,716, according to BullionVault[3].
Silver futures for December delivery rose to $33.25 per ounce. Monday’s high for silver was $33.40, while the low was $33.14.
Gold and silver funds advanced in Monday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) increased 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also rose 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) moved up 0.3%.
Gold and silver mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 1.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) advanced 1.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) rose 1.7%.
Gold mining shares mostly rose, with NovaGold Resources (NYSE:NG[10]) outpacing the others.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 1.1%.
- Barrick Gold (NYSE:ABX[12]) climbed 1.8%.
- Eldorado Gold (NYSE:EGO[13]) fell 0.2%.
- Goldcorp (NYSE:GG[14]) gained 0.5%.
- Kinross Gold (NYSE:KGC[15]) rose 0.4%.
- Newmont Mining (NYSE:NEM[16]) advanced 1.6%.
- NovaGold Resources soared 2.4%.
- Yamana Gold (NYSE:AUY[17]) slid 0.4%.
Silver mining shares moved higher on Monday.
- Coeur d’Alene Mines (NYSE:CDE[18]) climbed 2.4%.
- Hecla Mining (NYSE:HL[19]) rose 0.7%.
- Pan American Silver (NASDAQ:PAAS[20]) surged 3.8%.
- Silver Wheaton (NYSE:SLW[21]) increased 2.5%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 5.2%.
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.
- [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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- 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
- 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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