Gold Rises on Economic Stimulus Confidence

Gold and silver rose, while miners were mixed

   

Gold Rises on Economic Stimulus Confidence

PreciousMetalsRecap Gold Rises on Economic Stimulus ConfidenceGold gained in Monday trading after the government reported weak U.S. consumer spending for March and a low reading on inflation. The reports convinced investors that the Federal Reserve would continue its current economic stimulus policies for the immediate future.

Gold futures for June delivery climbed 0.9% to $1,467.40 per ounce on Monday, according to CME Group. Gold traded as high as $1,478.30 and as low as $1,461.6. Gold bullion closed in London at $1,474, according to BullionVault.

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Silver futures for June delivery rose 1.6% to $24.15 per ounce. Monday’s high for silver was $24.39, while the low was $23.95.

Gold and silver funds advanced in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 1%.
  • The iShares Gold Trust (NYSE:IAU) gained 0.9%.
  • The iShares Silver Trust (NYSE:SLV) increased 1.9%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) improved 1.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) added 1.3%.

Gold mining shares were mixed on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) dipped 0.3%.
  • Barrick Gold (NYSE:ABX) surged 3.9%.
  • Eldorado Gold (NYSE:EGO) gained 1.8%.
  • Goldcorp (NYSE:GG) was flat.
  • Kinross Gold (NYSE:KGC) sank 0.9%.
  • Newmont Mining (NYSE:NEM) rose 1.5%.
  • NovaGold Resources (AMEX:NG) was unchanged.
  • Yamana Gold (NYSE:AUY) fell 0.6%.

Silver mining shares moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) added 1.2%.
  • Hecla Mining (NYSE:HL) grew 0.9%.
  • Pan American Silver (NASDAQ:PAAS) inched up 0.4%.
  • Silver Wheaton (NYSE:SLW) improved 1.7%.
  • Silver Standard Resources (NASDAQ:SSRI) gained 0.6%.

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-rises-on-economic-stimulus-confidence/.

©2014 InvestorPlace Media, LLC

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