Gold Rises on Weaker U.S. Manufacturing, Korea Tensions
by Christopher Freeburn | April 1, 2013 4:37 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 0.1%.
- The iShares Gold Trust (NYSE:IAU[5]) also added 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) fell 1.3%.
Gold and silver mining ETFs pulled back strongly during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) declined 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) dropped 2.1%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) slid 1.7%.
Gold mining shares broadly fell on Monday.
- Agnico-Eagle Mines (NYSE:AEM[10]) retreated 1.2%.
- Barrick Gold (NYSE:ABX[11]) dropped 1.3%.
- Eldorado Gold (NYSE:EGO[12]) slumped 1.6%.
- Goldcorp (NYSE:GG[13]) dipped 0.6%.
- Kinross Gold (NYSE:KGC[14]) slid 0.9%.
- Newmont Mining (NYSE:NEM[15]) fell 1.2%.
- NovaGold Resources (AMEX:NG[16]) was flat.
- Yamana Gold (NYSE:AUY[17]) declined 1.6%.
Silver mining shares moved lower during the day.
- Coeur d’Alene Mines (NYSE:CDE[18]) sank 1.9%.
- Hecla Mining (NYSE:HL[19]) also slipped 1.8%.
- Pan American Silver (NASDAQ:PAAS[20]) tumbled 2.7%.
- Silver Wheaton (NYSE:SLW[21]) declined 1.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 2.8%.
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:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/04/gold-rises-on-weaker-u-s-manufacturing-korea-tensions/