In the wake of yesterday’s steep sell-off, Gold rebounded modestly in Tuesday trading. A BlackRock analyst said that the metal might have been oversold and its value could rise in the face of increasing inflation and more gold-buying by central banks.
Gold futures for May delivery climbed 1.9% to $1,386.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,402.90 and as low as $1,322.10. Gold bullion closed in London at $1,368, according to BullionVault.
Silver futures for May delivery rose 1.1% to $23.63 per ounce. Tuesday’s high for silver was $23.98, while the low was $22.
Gold and silver funds advanced in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 1.2%.
- The iShares Gold Trust (NYSE:IAU) also increased 1.2%.
- The iShares Silver Trust (NYSE:SLV) climbed 2.6%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) declined 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 1%.
- The Global X Silver Miners ETF (NYSE:SIL) improved 0.8%.
Gold mining shares were also mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) inched up 0.6%.
- Barrick Gold (NYSE:ABX) fell 4.7%.
- Eldorado Gold (NYSE:EGO) added 0.5%.
- Goldcorp (NYSE:GG) also gained 0.4%.
- Kinross Gold (NYSE:KGC) dropped 0.6%.
- Newmont Mining (NYSE:NEM) dipped 0.4%.
- NovaGold Resources (AMEX:NG) tumbled 6.4%.
- Yamana Gold (NYSE:AUY) sank 2%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (NYSE:CDE) slid 0.5%.
- Hecla Mining (NYSE:HL) declined 0.3%.
- Pan American Silver (NASDAQ:PAAS) fell 2.9%.
- Silver Wheaton (NYSE:SLW) dipped 0.9%.
- Silver Standard Resources (NASDAQ:SSRI) sank 2.2%.
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.