Gold Inches Up as Equities Hit Record Highs

by Christopher Freeburn | March 5, 2013 5:02 pm

[1]Gold 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[2]. 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[3].

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[4]) rose 0.1%.
• The iShares Gold Trust (NYSE:IAU[5]) also gained 0.1%.
• The iShares Silver Trust (NYSE:SLV[6]) climbed 0.5%.

Gold and silver mining ETFs dropped during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 0.1%
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) gained 1%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 0.1%.

Gold mining shares mostly retreated on Tuesday.

• Agnico-Eagle Mines (NYSE:AEM[10]) fell 1.6%.
• Barrick Gold (NYSE:ABX[11]) slid 0.5%.
• Eldorado Gold (NYSE:EGO[12]) declined 0.3%.
• Goldcorp (NYSE:GG[13]) was flat.
• Kinross Gold (NYSE:KGC[14]) rose 0.1%.
• Newmont Mining (NYSE:NEM[15]) dropped 1%.
• NovaGold Resources (AMEX:NG[16]) climbed 0.8%.
• Yamana Gold (NYSE:AUY[17]) sank 0.6%.

Silver mining shares moved lower.

• Coeur d’Alene Mines (NYSE:CDE[18]) climbed 0.7%.
• Hecla Mining (NYSE:HL[19]) slid 1.5%.
• Pan American Silver (NASDAQ:PAAS[20]) fell 0.6%.
• Silver Wheaton (NYSE:SLW[21]) dipped 0.1%.
• Silver Standard Resources (NASDAQ:SSRI[22]) sank 1%.

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.

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

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