Gold moved higher in Tuesday trading, snapping four straight sessions of declines, as speculation grew that the Federal Open Market Committee meeting would lead to a renewed commitment to stimulus efforts to boost the U.S. economy.
Gold futures for March delivery gained almost 0.5% to $1,661.70 on Tuesday, according to CME Group. Gold traded as high as $1665.80 and as low as $1654.60. Gold bullion closed in London at $1,666, according to BullionVault.
Silver futures for March delivery rose 1.3% to $31.18 per ounce. Tuesday’s high for silver was $31.47 an ounce, while the low was $30.85.
Gold and silver funds advanced in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU) climbed 0.5%.
- The iShares Silver Trust (NYSE:SLV) rose 1.6%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) gained 1.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) soared 2.3%.
- The Global X Silver Miners ETF (NYSE:SIL) also rose 2.2%.
Gold mining shares moved higher, with Eldorado Gold (NYSE:EGO) bucking the trend and falling.
- Agnico-Eagle Mines (NYSE:AEM) increased 0.9%.
- Barrick Gold (NYSE:ABX) rose 0.9%.
- Eldorado Gold sank 0.4%.
- Goldcorp (NYSE:GG) advanced 2.3%.
- Kinross Gold (NYSE:KGC) gained 1.9%.
- Newmont Mining (NYSE:NEM) moved up 1.3%.
- NovaGold Resources (AMEX:NG) climbed 1.4%.
- Yamana Gold (NYSE:AUY) surged 3.4%.
Silver mining shares increased on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE) advanced 1.2%.
- Hecla Mining (NYSE:HL) soared 3.1%.
- Pan American Silver (NASDAQ:PAAS) gained 2.7%.
- Silver Wheaton (NYSE:SLW) rose 1.8%.
- Silver Standard Resources (NASDAQ:SSRI) climbed 1.4%.
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.