Gold Futures Inch Higher on Weaker Dollar
by Christopher Freeburn | March 7, 2013 4:39 pm
[1]Gold futures gained slightly in Thursday trading as the U.S. dollar fell against other currencies. However, better-than-expected U.S. economic data and comments by European Central Bank head Mario Draghi predicting eurozone growth later this year tempered investor enthusiasm in the metal and restrained its climb.
Gold futures for April delivery rose 20 cents to $1575.10 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,584.90 and as low as $1,574. Gold bullion closed in London at $1,576, according to BullionVault[3].
Silver futures for April delivery were unchanged at $28.78 per ounce. Thursday’s high for silver was $29.04, while the low was $28.75.
Gold and silver funds declined in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) dipped 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also fell 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) slid 0.7%.
Gold and silver mining ETFs mostly slipped during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 1.4%
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) rose 0.1%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) declined 1%.
Gold mining shares retreated on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) sank 2.2%.
- Barrick Gold (NYSE:ABX[11]) also fell 2.2%.
- Eldorado Gold (NYSE:EGO[12]) dropped 1.8%.
- Goldcorp (NYSE:GG[13]) also retreated 1.8%.
- Kinross Gold (NYSE:KGC[14]) slid 0.8%.
- Newmont Mining (NYSE:NEM[15]) dipped 0.2%.
- NovaGold Resources (AMEX:NG[16]) slumped 1.5%.
- Yamana Gold (NYSE:AUY[17]) declined 1%.
Silver mining shares also moved lower.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 1.3%.
- Hecla Mining (NYSE:HL[19]) dipped 0.2%.
- Pan American Silver (NASDAQ:PAAS[20]) sank 1.8%.
- Silver Wheaton (NYSE:SLW[21]) dropped 1.9%.
- Silver Standard Resources (NASDAQ:SSRI[22]) moved down 0.9%.
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/
Source URL: https://investorplace.com/2013/03/gold-futures-inch-higher-on-weaker-dollar/