Deal to Avert Fiscal Cliff Sends Gold Higher

by Christopher Freeburn | January 2, 2013 4:37 pm

Deal to Avert Fiscal Cliff Sends Gold Higher

PreciousMetalsRecap Deal to Avert Fiscal Cliff Sends Gold Higher[1]Gold advanced in Wednesday’s trading on the heels of a budget agreement approved by the U.S. House of Representatives that preserved Bush-era tax cuts on the middle class and averted the worst effects of the fiscal cliff.

Gold futures for February delivery rose 0.8% to $1,688.80 on Wednesday, according to CME Group[2]. Gold traded as high as $1,695.40 and as low as $1,670.90. Gold bullion closed in London at $1,668, according to BullionVault[3].

Silver futures for February delivery increased 2.5% % to $30.98 per ounce. Wednesday’s high for silver was $31.45, while the low was $30.22.

Gold and silver funds advanced in Wednesday trading.

Gold and silver mining ETFs also rose during the day.

Gold mining shares moved higher, with NovaGold Resources (AMEX:NG[10]) rising highest.

Silver mining shares also gained on Wednesday.

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. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  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. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  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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