Weaker than expected sales of U.S. homes in December and a falling dollar combined to send gold up modestly in Tuesday trading. The metal was also buoyed by news that Japan’s central bank would continue economic stimulus efforts, increasing its inflation target to 2%, up from an earlier target of 1% for the year.
Gold futures for February delivery rose about 0.4% to $1,693.20 on Tuesday, according to CME Group. Gold traded as high as $1,695.90 and as low as $1,684.80. Gold bullion closed in London at $1,695, according to BullionVault.
Silver futures for February delivery increased 0.8% to $32.18 per ounce. Tuesday’s high for silver was $32.25 an ounce, while the low was $31.93.
Gold and silver funds advanced in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) gained 0.4%.
- The iShares Gold Trust (NYSE:IAU) rose 0.4%.
- The iShares Silver Trust (NYSE:SLV) jumped 1%.
Gold and silver mining ETFs mostly increased during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) surged 1.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.1%.
- The Global X Silver Miners ETF (NYSE:SIL) edged up 0.1%.
Gold mining shares moved higher, with Yamana Gold (NYSE:AUY) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM) inched up 0.2%.
- Barrick Gold (NYSE:ABX) gained 2.3%.
- Eldorado Gold (NYSE:EGO) also rose 2.3%.
- Goldcorp (NYSE:GG) climbed 3%.
- Kinross Gold (NYSE:KGC) surged 3.6%.
- Newmont Mining (NYSE:NEM) advanced 1.5%.
- NovaGold Resources (AMEX:NG) increased 1.1%.
- Yamana Gold soared 4.4%.
Silver mining shares moved mostly higher on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE) tumbled 2.9%.
- Hecla Mining (NYSE:HL) gained 0.9%.
- Pan American Silver (NASDAQ:PAAS) rose 2.2%.
- Silver Wheaton (NYSE:SLW) climbed 2%.
- Silver Standard Resources (NASDAQ:SSRI) advanced 1.5%.
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.