Gold Sent Higher on Fed’s QE Plans

Gold and silver futures rose, while miners surged

   

PreciousMetalsRecap Gold Sent Higher on Fed's QE PlansGold rose on Wednesday after the Federal Reserve announced that it would continue to buy U.S. bonds to stimulate the economy and the U.S. dollar fell against other currencies.

Gold futures for February delivery rose 0.5% to $1,717.90 on Wednesday, according to CME Group. Gold traded as high as $1,725 and as low as $1,708.50. Gold bullion closed in London at $1,715, according to BullionVault.

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Silver futures for February delivery climbed 2.3% to $33.75 per ounce. Wednesday’s high for silver was $33.79, while the low was $33.03.

Gold and silver funds rose in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also added 0.1%.
  • The iShares Silver Trust (NYSE:SLV) climbed 1.4%.

Gold and silver mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 2.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) rose 1.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) advanced 2.4%.

Gold mining shares were moved higher, with NovaGold Resources (NYSE:NG) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) increased 1.2%.
  • Barrick Gold (NYSE:ABX) surged 3.3%.
  • Eldorado Gold (NYSE:EGO) gained 2.7%.
  • Goldcorp (NYSE:GG) rose 3.3%.
  • Kinross Gold (NYSE:KGC) advanced 2.3%.
  • Newmont Mining (NYSE:NEM) edged up 0.6%.
  • NovaGold Resources soared 3.5%.
  • Yamana Gold (NYSE:AUY) added 1.7%.

Silver mining shares advanced on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) moved up 0.8%.
  • Hecla Mining (NYSE:HL) increased 0.7%.
  • Pan American Silver (NASDAQ:PAAS) gained 3.4%.
  • Silver Wheaton (NYSE:SLW) advanced 3.2%.
  • Silver Standard Resources (NASDAQ:SSRI) surged 4.8%.

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-sent-higher-on-feds-qe-plans/.

©2014 InvestorPlace Media, LLC

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