by Christopher Freeburn | April 22, 2013 4:38 pm
Gold rose in Monday trading as hedge funds and other institutional investors cut their short positions in the metal and increased their own gold reserves.
Gold futures for May delivery climbed 1.8% to $1,421 per ounce on Monday, according to CME Group. Gold traded as high as $1,436 and as low as $1,404.70. Gold bullion closed in London at $1,429, according to BullionVault.
Silver futures for May delivery rose 1.6% to $23.32 per ounce. Monday’s high for silver was $23.65, while the low was $23.07.
Gold and silver funds gained in Monday trading.
Gold and silver mining ETFs improved during the day.
Gold mining shares mostly rose on Monday.
Silver mining shares moved higher.
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.
Source URL: http://investorplace.com/2013/04/hedge-fund-buying-pushes-gold-higher/
Short URL: http://invstplc.com/1nujMiK
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.