Gold Gains Ahead of FOMC Meeting’s Close

Eldorado Gold, Hecla Mining among strongest-surging miners

   

PreciousMetalsRecap Gold Gains Ahead of FOMC Meeting's CloseGold rose modestly in Tuesday trading as a weaker-than-forecast ISM Chicago business survey sent the U.S. dollar down, driving commodities higher. Investors’ timidity could be chalked up to their anxiousness over the outcome of the Federal Reserve’s Open Market Committee Meeting tomorrow.

Gold futures for June delivery inched up 0.3% to $1,472.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,479.50 and as low as $1,460.50. Gold bullion closed in London at $1,479, according to BullionVault.

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Silver futures for June delivery rose 0.1% to $24.16 per ounce. Tuesday’s high for silver was $24.45, while the low was $24.

Gold and silver funds were mixed in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.3%.
  • The iShares Gold Trust (NYSE:IAU) climbed 0.4%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.3%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 1.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) added 1.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved up 1.3%.

Gold mining shares mostly advanced on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) surged 4.9%.
  • Barrick Gold (NYSE:ABX) rose 2.3%.
  • Eldorado Gold (NYSE:EGO) soared 5.9%.
  • Goldcorp (NYSE:GG) added 2.6%.
  • Kinross Gold (NYSE:KGC) was flat.
  • Newmont Mining (NYSE:NEM) sank 4.6%.
  • NovaGold Resources (AMEX:NG) climbed 4.2%.
  • Yamana Gold (NYSE:AUY) gained 2.5%.

Silver mining shares moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) increased 3%.
  • Hecla Mining (NYSE:HL) added 3.7%.
  • Pan American Silver (NASDAQ:PAAS) improved 3.6%.
  • Silver Wheaton (NYSE:SLW) gained 2%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 0.4%.

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/2013/04/gold-gains-ahead-of-fomc-meetings-close/.

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