Euro Woes Send Gold Up for Second Session
by Christopher Freeburn | February 4, 2013 4:51 pm
[1]Political and economic uncertainty in Spain and Italy sent gold higher for a second consecutive session even as the U.S. dollar rose against the euro. The metal also climbed on rising demand from Asia ahead of upcoming Chinese New Year celebrations, in which gold is often given as a gifts.
Gold futures for March delivery edged up about 0.3% to $1,675.70 on Monday, according to CME Group[2]. Gold traded as high as $1,677.60 and as low as $1,661.30. Gold bullion closed in London at $1,676, according to BullionVault[3].
Silver futures for March delivery slid almost 0.7% to $31.72 per ounce. Monday’s high for silver was $31.93 an ounce, while the low was $31.39.
Gold and silver funds mostly rose in Monday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) increased 0.3%.
- The iShares Gold Trust (NYSE:IAU[5]) climbed 0.3%.
- The iShares Silver Trust (NYSE:SLV[6]) fell 0.3%.
Gold and silver mining ETFs mostly dipped during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) tumbled 1.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) slid 0.6%.
Gold mining shares were mixed on Monday.
- Agnico-Eagle Mines (NYSE:AEM[10]) dipped 0.5%.
- Barrick Gold (NYSE:ABX[11]) gained 0.5%.
- Eldorado Gold (NYSE:EGO[12]) fell 0.7%.
- Goldcorp (NYSE:GG[13]) climbed 0.8%.
- Kinross Gold (NYSE:KGC[14]) decreased 0.8%.
- Newmont Mining (NYSE:NEM[15]) advanced 0.9%.
- NovaGold Resources (AMEX:NG[16]) moved up 0.4%.
- Yamana Gold (NYSE:AUY[17]) declined 0.5%.
Silver mining shares also mixed.
- Coeur d’Alene Mines (NYSE:CDE[18]) climbed 2.9%.
- Hecla Mining (NYSE:HL[19]) fell 1.1%.
- Pan American Silver (NASDAQ:PAAS[20]) edged up 0.3%.
- Silver Wheaton (NYSE:SLW[21]) advanced 1.3%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 1.8%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/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
- 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
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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/
Source URL: https://investorplace.com/2013/02/euro-woes-send-gold-up-for-second-session/