Gold Rises on Increasing Chinese Demand
by Christopher Freeburn | January 8, 2013 5:13 pm
[1]A report of sharp gains in Monday gold trading on the Shanghai Gold Exchange helped send the metal up modestly in U.S. trading on Tuesday. Chinese demand for gold usually rises in late January in advance of the Chinese New Year.
Gold futures for February delivery ended at $1,659.10 on Tuesday, according to CME Group[2]. Gold traded as high as $1,662.70 and as low as $1,646.80. Gold bullion closed in London at $1,663, according to BullionVault[3].
Silver futures for February delivery ended $30.38 per ounce. Tuesday’s high for silver was $30.47, while the low was $30.08.
Gold and silver funds moved higher in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) gained 0.7%.
- The iShares Gold Trust (NYSE:IAU[5]) rose 0.6%.
- The iShares Silver Trust (NYSE:SLV[6]) advanced 0.7%.
Gold and silver mining ETFs also increased during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) increased 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) added 0.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) fell 0.6%.
Gold mining shares moved up, with Goldcorp (NYSE:GG[10]) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM[11]) moved up 0.5%.
- Barrick Gold (NYSE:ABX[12]) sank 1.7%.
- Eldorado Gold (NYSE:EGO[13]) gained 0.3%.
- Goldcorp advanced 2.6%.
- Kinross Gold (NYSE:KGC[14]) rose 1.7%.
- Newmont Mining (NYSE:NEM[15]) advanced 1.2%.
- NovaGold Resources (NYSE:NG[16]) edged up 0.2%.
- Yamana Gold (NYSE:AUY[17]) rose 1.2%.
Silver mining shares were mixed on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) tumbled 1.5%.
- Hecla Mining (NYSE:HL[19]) was flat.
- Pan American Silver (NASDAQ:PAAS[20]) edged down 0.1%.
- Silver Wheaton (NYSE:SLW[21]) gained 1.9%
- Silver Standard Resources (NASDAQ:SSRI[22]) surged 4%.
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:- [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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