Gold Futures Gain in Weak-Volume Session
by Christopher Freeburn | May 6, 2013 4:48 pm
[1]Gold futures edged higher in a session marked by low trading volume due to the Bank Day holiday in London.
Comments from European Central Bank President Mario Draghi, signaling a willingness to cut interest rates even more to keep the eurozone economy from stalling, had little effect on traders.
Gold futures for June delivery climbed 0.2% to $1,468 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,478.40 and as low as $1,463.80. Gold bullion closed in London at $1,472, according to BullionVault[3].
Silver futures for June delivery slipped 0.2% to $23.94 per ounce. Monday’s high for silver was $24.37, while the low was $23.82.
Gold and silver funds were listless in Monday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) was flat.
- The iShares Gold Trust (NYSE:IAU[5]) was unchanged.
- The iShares Silver Trust (NYSE:SLV[6]) fell 0.5%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) was unchanged.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) rose 0.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 1.1%.
Gold mining shares were also mixed on Monday.
- Agnico-Eagle Mines (NYSE:AEM[10]) slid 0.9%.
- Barrick Gold (NYSE:ABX[11]) climbed 1.8%.
- Eldorado Gold (NYSE:EGO[12]) fell 1.8%.
- Goldcorp (NYSE:GG[13]) was flat.
- Kinross Gold (NYSE:KGC[14]) dipped 0.4%.
- Newmont Mining (NYSE:NEM[15]) rose 0.2%.
- NovaGold Resources (AMEX:NG[16]) dropped 2%.
- Yamana Gold (NYSE:AUY[17]) inched up 0.1%.
Silver mining shares mostly retreated.
- Coeur d’Alene Mines (NYSE:CDE[18]) dropped 0.7%.
- Hecla Mining (NYSE:HL[19]) declined 1.2%.
- Pan American Silver (NASDAQ:PAAS[20]) slumped 1.4%.
- Silver Wheaton (NYSE:SLW[21]) sank 1%.
- Silver Standard Resources (NASDAQ:SSRI[22]) gained 2.4%.
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.
- [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/2013/05/gold-futures-gain-in-weak-volume-session/