Deal to Avert Fiscal Cliff Sends Gold Higher

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

Gold Silver GLD IAU SLV[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.

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  3. BullionVault:
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  10. NG:
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  21. SLW:
  22. SSRI:
  23. BullionVault:

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