Gold Mostly Flat After G7 Statement

Gold and silver inched up, miners followed

   

PreciousMetalsRecap Gold Mostly Flat After G7 StatementA statement released by the Group of Seven reaffirming their commitment to market-determined currency exchange rates sent the U.S. dollar lower in Tuesday trading, giving gold a tiny boost. But the metal didn’t show any safe-haven benefit from North Korea’s reported underground nuclear test, settling just above yesterday’s five-week low.

Gold futures for March delivery edged fractionally higher to $1,648.90 on Tuesday, according to CME Group. Gold traded as high as $1,652.70 and as low as $1,639. Gold bullion closed in London at $1,653, according to BullionVault.

gold coins scoop 630 flickr 200x200 Gold Mostly Flat After G7 Statement
These 2 ETFs are More Precious than Gold

Silver futures for March delivery rose about 0.4% to $31.02 per ounce. Tuesday’s high for silver was $31.16 an ounce, while the low was $30.58.

Gold and silver funds gained in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged up 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also moved up 0.1%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.3%.

Gold and silver mining ETFs also mostly increased during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.4%.

Gold mining shares moved mostly higher on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) advanced 1.2%.
  • Barrick Gold (NYSE:ABX) gained 0.6%.
  • Eldorado Gold (NYSE:EGO) also rose 0.6%.
  • Goldcorp (NYSE:GG) sank 0.3%.
  • Kinross Gold (NYSE:KGC) inched up 0.1%.
  • Newmont Mining (NYSE:NEM) surged 1.8%.
  • NovaGold Resources (AMEX:NG) increased 1.4%.
  • Yamana Gold (NYSE:AUY) also climbed 1.2%.

Silver mining shares also mostly rose.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.7%.
  • Hecla Mining (NYSE:HL) improved 0.2%.
  • Pan American Silver (NASDAQ:PAAS) inched up 0.1%.
  • Silver Wheaton (NYSE:SLW) climbed 1.9%.
  • Silver Standard Resources (NASDAQ:SSRI) retreated 0.4%.

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-mostly-flat-after-g7-statement/.

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