Gold Crawls Higher Amid Weak U.S. Economic News

Silver also gains, miners broadly rebound Thursday

   

PreciousMetalsRecap Gold Crawls Higher Amid Weak U.S. Economic NewsA series of economic reports signaling continued weakness in the U.S. economy dispelled investor fears that the Federal Reserve might halt economic stimulus efforts this year, and gold edged higher in Thursday trading.

Gold futures for March delivery edged up fractionally to $1,578.10 per ounce on Thursday, according to CME Group. Gold traded as high as $1,582.40 and as low as $1,554.10. Gold bullion closed in London at $1,579, according to BullionVault.

Gold185 Gold Crawls Higher Amid Weak U.S. Economic News
Look for the Breakdown in Gold to Continue

Silver futures for March delivery also rose slightly to $28.7o per ounce. Thursday’s high for silver was $28.88, while the low was $28.29.

Gold and silver funds improved in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.8%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.8%.
  • The iShares Silver Trust (NYSE:SLV) moved up 0.5%.

Gold and silver mining ETFs also rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) improved 1.4%.

Gold mining shares mostly increased on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) surged 4.5%.
  • Barrick Gold (NYSE:ABX) edged up 0.4%.
  • Eldorado Gold (NYSE:EGO) gained 4%.
  • Goldcorp (NYSE:GG) dipped 0.3%.
  • Kinross Gold (NYSE:KGC) climbed 1.9%.
  • Newmont Mining (NYSE:NEM) was flat.
  • NovaGold Resources (AMEX:NG) rose 0.1%.
  • Yamana Gold (NYSE:AUY) soared 5.2%.

Silver mining shares also advanced.

  • Coeur d’Alene Mines (NYSE:CDE) gained 2.7%.
  • Hecla Mining (NYSE:HL) rose 3.5%.
  • Pan American Silver (NASDAQ:PAAS) surged 6.4%.
  • Silver Wheaton (NYSE:SLW) increased 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 4.1%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/gold-crawls-higher-amid-weak-u-s-economic-news/.

©2014 InvestorPlace Media, LLC

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