Gold Rises on Sharp U.S. Durable Goods Drop

Gold jumped, silver inched higher and miners surged

   

Gold Rises on Sharp U.S. Durable Goods Drop

PreciousMetalsRecap Gold Rises on Sharp U.S. Durable Goods DropGold gained in Wednesday trading after the Commerce Department said that U.S. durable goods orders last month posted their biggest drop in seven months. The report bolstered investor confidence that the Federal Reserve would continue economic stimulus efforts.

Gold futures for May delivery rose 1% to $1,423.50 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,431.30 and as low as $1,416.10. Gold bullion closed in London at $1,434, according to BullionVault.

gold nuggets stones 630 200x200 Gold Rises on Sharp U.S. Durable Goods Drop
Why Gold Crashed and What You Can Do About It

Silver futures for May delivery inched up 0.1% to $22.83 per ounce. Wednesday’s high for silver was $23.33, while the low was $22.81.

Gold and silver funds rose in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) increased 1.1%.
  • The iShares Gold Trust (NYSE:IAU) gained 1.1%.
  • The iShares Silver Trust (NYSE:SLV) added 1.1%.

Gold and silver mining ETFs soared during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 6.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 7%.
  • The Global X Silver Miners ETF (NYSE:SIL) advanced 5.6%.

Gold mining shares mostly roared back on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) gained 3.9%.
  • Barrick Gold (NYSE:ABX) surged 7.4%.
  • Eldorado Gold (NYSE:EGO) added 6.3%.
  • Goldcorp (NYSE:GG) moved up 6.2%.
  • Kinross Gold (NYSE:KGC) rose 4.8%.
  • Newmont Mining (NYSE:NEM) advanced 5.9%.
  • NovaGold Resources (AMEX:NG) slipped 0.4%.
  • Yamana Gold (NYSE:AUY) climbed 6.7%.

Silver mining shares moved sharply higher.

  • Coeur d’Alene Mines (NYSE:CDE) soared 8.2%.
  • Hecla Mining (NYSE:HL) jumped 10.7%.
  • Pan American Silver (NASDAQ:PAAS) gained 5.7%.
  • Silver Wheaton (NYSE:SLW) increased 5.6%.
  • Silver Standard Resources (NASDAQ:SSRI) added 5.5%.

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-sharp-u-s-durable-goods-drop/.

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