by Christopher Freeburn | January 22, 2013 5:00 pm
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.
Gold and silver mining ETFs mostly increased during the day.
Gold mining shares moved higher, with Yamana Gold (NYSE:AUY) 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 contributed to this report.
Source URL: http://investorplace.com/2013/01/weak-u-s-economic-data-sends-gold-higher/
Short URL: http://invstplc.com/1fux7mS
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.