Gold Inches Up as Equities Hit Record Highs

Gold and silver moved higher, miners mostly declined

   

Gold Inches Up as Equities Hit Record Highs

PreciousMetalsRecap Gold Inches Up as Equities Hit Record HighsGold edged fractionally higher in Tuesday trading as U.S. equities markets hit record highs, dimming the metal’s appeal as a safe haven.

Gold futures for April delivery climbed 0.2% to $1574.90 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,585.80 and as low as $1,571.10. Gold bullion closed in London at $1,578, according to BullionVault.

GoldPromo Gold Inches Up as Equities Hit Record Highs
Don’t Expect Gold to Hold

Silver futures for April delivery rose 0.4% to $28.58 per ounce. Tuesday’s high for silver was $29.05, while the low was $28.50.

Gold and silver funds mostly gained in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.1%.
  • The iShares Silver Trust (NYSE:SLV) climbed 0.5%.

Gold and silver mining ETFs dropped during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.1%
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.1%.

Gold mining shares mostly retreated on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 1.6%.
  • Barrick Gold (NYSE:ABX) slid 0.5%.
  • Eldorado Gold (NYSE:EGO) declined 0.3%.
  • Goldcorp (NYSE:GG) was flat.
  • Kinross Gold (NYSE:KGC) rose 0.1%.
  • Newmont Mining (NYSE:NEM) dropped 1%.
  • NovaGold Resources (AMEX:NG) climbed 0.8%.
  • Yamana Gold (NYSE:AUY) sank 0.6%.

Silver mining shares moved lower.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 0.7%.
  • Hecla Mining (NYSE:HL) slid 1.5%.
  • Pan American Silver (NASDAQ:PAAS) fell 0.6%.
  • Silver Wheaton (NYSE:SLW) dipped 0.1%.
  • Silver Standard Resources (NASDAQ:SSRI) sank 1%.

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/2013/03/gold-inches-up-as-equities-hit-record-highs/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.