Weak U.S. Economic Data Sends Gold Higher

by Christopher Freeburn | January 22, 2013 5:00 pm

PreciousMetalsRecap Weak U.S. Economic Data Sends Gold Higher[1]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[2]. 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[3].

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.

Gold and silver mining ETFs mostly increased during the day.

Gold mining shares moved higher, with Yamana Gold (NYSE:AUY[10]) rising the highest.

Silver mining shares moved mostly higher on Tuesday.

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:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
  3. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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