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

by Christopher Freeburn | April 1, 2013 4:37 pm

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

PreciousMetalsRecap Gold Rises on Weaker U.S. Manufacturing, Korea Tensions[1]Gold 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 futures for May delivery rose 0.3% to $1,600.40 per ounce on Monday, according to CME Group[2]. 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[3].

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.

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

Gold mining shares broadly fell on Monday.

Silver mining shares moved lower during the day.

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/04/gold-rises-on-weaker-u-s-manufacturing-korea-tensions/
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