Gold Mostly Flat After G7 Statement
by Christopher Freeburn | February 12, 2013 4:55 pm
[1]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[2]. 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[3].
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[4]) edged up 0.1%.
- The iShares Gold Trust (NYSE:IAU[5]) also moved up 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) rose 0.3%.
Gold and silver mining ETFs also mostly increased during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) climbed 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slipped 0.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) fell 0.4%.
Gold mining shares moved mostly higher on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) advanced 1.2%.
- Barrick Gold (NYSE:ABX[11]) gained 0.6%.
- Eldorado Gold (NYSE:EGO[12]) also rose 0.6%.
- Goldcorp (NYSE:GG[13]) sank 0.3%.
- Kinross Gold (NYSE:KGC[14]) inched up 0.1%.
- Newmont Mining (NYSE:NEM[15]) surged 1.8%.
- NovaGold Resources (AMEX:NG[16]) increased 1.4%.
- Yamana Gold (NYSE:AUY[17]) also climbed 1.2%.
Silver mining shares also mostly rose.
- Coeur d’Alene Mines (NYSE:CDE[18]) gained 1.7%.
- Hecla Mining (NYSE:HL[19]) improved 0.2%.
- Pan American Silver (NASDAQ:PAAS[20]) inched up 0.1%.
- Silver Wheaton (NYSE:SLW[21]) climbed 1.9%.
- Silver Standard Resources (NASDAQ:SSRI[22]) retreated 0.4%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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