Gold Climbs as U.S. Dollar, Equities Slump

Mining shares climbed sharply across the board

   

Gold Climbs as U.S. Dollar, Equities Slump

PreciousMetalsRecap Gold Climbs as U.S. Dollar, Equities SlumpA weaker U.S. dollar and declining stock indices sent gold up in Wednesday trading. The precious metal was also boosted by strong physical demand for gold bullion in Asia.

Gold futures for June delivery gained 0.9% to $1,391.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,393.80 and as low as $1,379.10. Gold bullion closed in London at $1,393, according to BullionVault.

gold nuggets stones 630 200x200 Gold Climbs as U.S. Dollar, Equities Slump
Gold Just Isn’t Worth the Risk

Silver futures for June delivery rose 1.2% to $22.44 per ounce. Wednesday’s high for silver was $22.46 while the low was $22.12.

Gold and silver funds advanced in Wednesday trading.

  • The SPDR Gold Trust (GLD) added 1%.
  • The iShares Gold Trust (IAU) also increased 1%.
  • The iShares Silver Trust (SLV) rose 0.8%.

Gold and silver mining ETFs jumped during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 4.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) surged 5.3%.
  • The Global X Silver Miners ETF (SIL) gained 3.5%.

Gold mining shares improved sharply on Wednesday.

  • Agnico-Eagle Mines (AEM) soared 7.5%.
  • Barrick Gold (ABX) advanced 4.6%.
  • Eldorado Gold (EGO) rose 4.9%.
  • Goldcorp (GG) gained 4.6%.
  • Kinross Gold (KGC) added 3.5%.
  • Newmont Mining (NEM) increased 3.2%.
  • NovaGold Resources (NG) moved up 4.4%.
  • Yamana Gold (AUY) climbed 3.8%.

Silver mining shares also rose strongly during the day.

  • Coeur d’Alene Mines (CDE) gained 3.2%.
  • Hecla Mining (HL) surged 11.4%.
  • Pan American Silver (PAAS) rose 3.7%.
  • Silver Wheaton (SLW) increased 4%.
  • Silver Standard Resources (SSRI) jumped 9.2%.

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/2013/05/gold-climbs-as-u-s-dollar-equities-slump/.

©2014 InvestorPlace Media, LLC

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