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Gold Gains As Investors Wait for Fed Signals

Gold and silver gained, while miners were mixed


Gold Silver GLD IAU SLVGold advanced modestly in Monday trading as investors awaited new hints from Federal Reserve officials regarding the strength and duration of economic stimulus efforts for the rest of the year.

Gold futures for February delivery climbed 0.5% to $1,669.40 on Monday, according to CME Group. Gold traded as high as $1,674.80 and as low as $1,659.50. Gold bullion closed in London at $1,670, according to BullionVault.

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Silver futures for February delivery gained 2.3% to $31.08 per ounce. Monday’s high for silver was $31.12, while the low was $30.58.

Gold and silver funds advanced slightly in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also increased 0.3%.
  • The iShares Silver Trust (NYSE:SLV) climbed 1.9%.

Gold and silver mining ETFs mostly rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 0.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.5%.

Gold mining shares were mostly down, with Goldcorp (NYSE:GG) bucking the trend.

  • Agnico-Eagle Mines (NYSE:AEM) fell 0.3%.
  • Barrick Gold (NYSE:ABX) slipped 0.2%.
  • Eldorado Gold (NYSE:EGO) edged down 0.2%.
  • Goldcorp gained 0.4%.
  • Kinross Gold (NYSE:KGC) was flat.
  • Newmont Mining (NYSE:NEM) slid 1%.
  • NovaGold Resources (AMEX:NG) also dipped 1%.
  • Yamana Gold (NYSE:AUY) fell 0.7%.

Silver mining shares mostly moved higher on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 0.6%.
  • Hecla Mining (NYSE:HL) advanced 0.5%.
  • Pan American Silver (NASDAQ:PAAS) gained 2%.
  • Silver Wheaton (NYSE:SLW) rose 0.1%
  • Silver Standard Resources (NASDAQ:SSRI) dipped 0.3%.

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,

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