Gold Advances Ahead of ECB Policy Meeting

by Christopher Freeburn | February 6, 2013 4:40 pm

[1]Gold gained modestly in Wednesday trading as investors awaited the outcome of Thursday’s European Central Bank policy meeting.

Gold futures for March delivery rose about 0.3% to $1,678.10 on Wednesday, according to CME Group[2]. Gold traded as high as $1,678.90 and as low as $1,668.30. Gold bullion closed in London at $1,680, according to BullionVault[3].

Silver futures for March delivery were flat at $31.88 per ounce. Wednesday’s high for silver was $31.90 an ounce, while the low was $31.60.

Gold and silver funds moved higher in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD[4]) edged up 0.3%.
• The iShares Gold Trust (NYSE:IAU[5]) also gained 0.3%.
• The iShares Silver Trust (NYSE:SLV[6]) increased 0.2%.

Gold and silver mining ETFs mostly advanced during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) climbed 0.7%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 0.6%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) rose 0.5%.

Gold mining shares mostly rose on Wednesday.

• Agnico-Eagle Mines (NYSE:AEM[10]) dipped 0.5%.
• Barrick Gold (NYSE:ABX[11]) climbed 0.7%.
• Eldorado Gold (NYSE:EGO[12]) was flat.
• Goldcorp (NYSE:GG[13]) gained 0.5%.
• Kinross Gold (NYSE:KGC[14]) rose 0.2%.
• Newmont Mining (NYSE:NEM[15]) increased 1.6%.
• NovaGold Resources (AMEX:NG[16]) was flat.
• Yamana Gold (NYSE:AUY[17]) advanced 0.3%.

Silver mining shares improved during the day.

• Coeur d’Alene Mines (NYSE:CDE[18]) surged 2.1%.
• Hecla Mining (NYSE:HL[19]) increased 1.5%.
• Pan American Silver (NASDAQ:PAAS[20]) rose 0.4%.
• Silver Wheaton (NYSE:SLW[21]) climbed 1.5%.
• Silver Standard Resources (NASDAQ:SSRI[22]) fell 0.9%.

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.

Source URL: https://investorplace.com/2013/02/gold-advances-ahead-of-ecb-policy-meeting/

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