Gold Climbs on Rising Stimulus Confidence

Advertisement

Gold Silver GLD IAU SLVSigns of rising inflation in Japan and cooling investor concern that the Federal Reserve might reduce U.S. economic stimulus this year, sent gold higher in Tuesday trading.

Gold futures for February delivery climbed 0.9% to $1,683.90 on Tuesday, according to CME Group. Gold traded as high as $1,684.90 and as low as $1,666.20. Gold bullion closed in London at $1,681, according to BullionVault.

Silver futures for February delivery gained 1.3% to $31.50 per ounce. Tuesday’s high for silver was $31.58, while the low was $30.97.

Gold and silver funds rose in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.6%.
  • The iShares Gold Trust (NYSE:IAU) advanced 0.6%.
  • The iShares Silver Trust (NYSE:SLV) rose 1.1%.

Gold and silver mining ETFs increased during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 1%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved up 0.5%.

Gold mining shares were mostly higher, with Kinross Gold (NYSE:KGC) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) gained 0.6%.
  • Barrick Gold (NYSE:ABX) rose 1.2%.
  • Eldorado Gold (NYSE:EGO) advanced 0.7%.
  • Goldcorp (NYSE:GG) gained increased 1.4%.
  • Kinross Gold surged 2.7%.
  • Newmont Mining (NYSE:NEM) dipped 0.2%.
  • NovaGold Resources (AMEX:NG) was flat.
  • Yamana Gold (NYSE:AUY) rose 0.5%.

Silver mining shares mostly moved lower on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) slid 0.9%.
  • Hecla Mining (NYSE:HL) tumbled 1.9%.
  • Pan American Silver (NASDAQ:PAAS) also dropped 1.9%.
  • Silver Wheaton (NYSE:SLW) gained 0.9%
  • Silver Standard Resources (NASDAQ:SSRI) fell 1.1%.

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, https://investorplace.com/2013/01/gold-climbs-on-rising-stimulus-confidence/.

©2024 InvestorPlace Media, LLC