A 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.
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.