Gold Inches Up as Equities Hit Record Highs

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Gold Silver GLD IAU SLVGold 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.

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, https://investorplace.com/2013/03/gold-inches-up-as-equities-hit-record-highs/.

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