Gold Recovers as Investors Look for Bargains
by Christopher Freeburn | April 11, 2013 4:29 pm
[1]Bargain hunters sent gold higher in Thursday trading. The metal rebounded modestly after dropping sharply on Wednesday.
Gold futures for May delivery climbed 0.4% to $1,564.50 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,566.60 and as low as $1,553.10. Gold bullion closed in London at $1,563 according to BullionVault[3].
Silver futures for May delivery gained 0.2% to $27.70 per ounce. Thursday’s high for silver was $27.79, while the low was $27.34.
Gold and silver funds gained in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 0.2%.
- The iShares Gold Trust (NYSE:IAU[5]) also climbed 0.2%.
- The iShares Silver Trust (NYSE:SLV[6]) inched up 0.1%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 1.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slipped 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 1.3%.
Gold mining shares were mixed on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) advanced 0.3%.
- Barrick Gold (NYSE:ABX[11]) gained 1.1%.
- Eldorado Gold (NYSE:EGO[12]) fell 1.6%.
- Goldcorp (NYSE:GG[13]) dipped 1.1%.
- Kinross Gold (NYSE:KGC[14]) tumbled 3.1%.
- Newmont Mining (NYSE:NEM[15]) sank 0.9%.
- NovaGold Resources (AMEX:NG[16]) slid 2.6%.
- Yamana Gold (NYSE:AUY[17]) dropped 0.8%.
Silver mining shares mostly fell during the day.
- Coeur d’Alene Mines (NYSE:CDE[18]) declined 3.6%.
- Hecla Mining (NYSE:HL[19]) rose 2.6%.
- Pan American Silver (NASDAQ:PAAS[20]) dipped 0.3%.
- Silver Wheaton (NYSE:SLW[21]) fell 1%.
- Silver Standard Resources (NASDAQ:SSRI[22]) tumbled 3.7%.
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.
Industrial[24], Precious Metals[25]
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://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/
- Industrial: https://investorplace.com/industries/industrial/
- Precious Metals: https://investorplace.com/industries/industrial/precious-metals/
Source URL: https://investorplace.com/2013/04/gold-recovers-as-investors-look-for-bargains/