Gold Regains Some Lost Ground After Plunge

Gold and silver rose, while miners mostly fell

   

Gold Regains Some Lost Ground After Plunge

PreciousMetalsRecap Gold Regains Some Lost Ground After PlungeIn 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.

Gold185 Gold Regains Some Lost Ground After Plunge
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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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/04/gold-regains-some-lost-ground-after-plunge/.

©2014 InvestorPlace Media, LLC

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