Gold Rises on Weaker U.S. Manufacturing, Korea Tensions

Gold gained, silver fell and miners slumped Monday

   

PreciousMetalsRecap Gold Rises on Weaker U.S. Manufacturing, Korea TensionsGold climbed modestly in Monday trading amid rising tensions on the Korean Peninsula and after a weak report on U.S. manufacturing.

Bellicose statements by North Korea’s leadership boosted gold’s appeal as a safe haven, even though actual conflict remained unlikely. At home, the Institute of Supply Management said that activity at U.S. factories cooled — though still expanded — last month.

gold and silver 630 200x200 Gold Rises on Weaker U.S. Manufacturing, Korea Tensions
Is It Time to Buy Gold and Silver?

Gold futures for May delivery rose 0.3% to $1,600.40 per ounce on Monday, according to CME Group. Gold traded as high as $1,601 and as low as $1,594.70. Gold bullion closed in London at $1,600, according to BullionVault.

Silver futures for May delivery fell 1.3% to $27.94 per ounce. Monday’s high for silver was $28.36, while the low was $27.81.

Gold and silver funds were mixed in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also added 0.1%.
  • The iShares Silver Trust (NYSE:SLV) fell 1.3%.

Gold and silver mining ETFs pulled back strongly during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) declined 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 2.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 1.7%.

Gold mining shares broadly fell on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) retreated 1.2%.
  • Barrick Gold (NYSE:ABX) dropped 1.3%.
  • Eldorado Gold (NYSE:EGO) slumped 1.6%.
  • Goldcorp (NYSE:GG) dipped 0.6%.
  • Kinross Gold (NYSE:KGC) slid 0.9%.
  • Newmont Mining (NYSE:NEM) fell 1.2%.
  • NovaGold Resources (AMEX:NG) was flat.
  • Yamana Gold (NYSE:AUY) declined 1.6%.

Silver mining shares moved lower during the day.

  • Coeur d’Alene Mines (NYSE:CDE) sank 1.9%.
  • Hecla Mining (NYSE:HL) also slipped 1.8%.
  • Pan American Silver (NASDAQ:PAAS) tumbled 2.7%.
  • Silver Wheaton (NYSE:SLW) declined 1.7%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 2.8%.

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-weaker-u-s-manufacturing-korea-tensions/.

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