Gold Rises on Sharp U.S. Durable Goods Drop

by Christopher Freeburn | April 24, 2013 5:04 pm

PreciousMetalsRecap Gold Rises on Sharp U.S. Durable Goods Drop[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs soared during the day.

Gold mining shares mostly roared back on Wednesday.

Silver mining shares moved sharply higher.

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.

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  23. BullionVault:

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