Gold Mostly Flat After G7 Statement

Gold and silver inched up, miners followed


Gold Silver GLD IAU SLVA 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.

These 2 ETFs are More Precious than Gold
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.

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