Gold Jumps as U.S. Dollar, Equities Slip

by Christopher Freeburn | May 23, 2013 4:34 pm

[1]A sharp drop in Asian stock markets pushed global equities lower and refreshed investor appetite for gold. The metal recovered lost ground as the U.S. dollar fell back against other currencies and U.S. stock indices dipped marginally.

Gold futures for June delivery climbed 1.8% to $1,391.80 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,397.10 and as low as $1,355. Gold bullion closed in London at $1,395, according to BullionVault[3].

Silver futures for June delivery rose 0.2% to $22.46 per ounce. Thursday’s high for silver was $22.55 while the low was $22.

Gold and silver funds advanced in Thursday trading.

• The SPDR Gold Trust (GLD[4]) added 2%.
• The iShares Gold Trust (IAU[5]) also rose 2%.
• The iShares Silver Trust (SLV[6]) moved up 1.7%.

Gold and silver mining ETFs gained during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) rose 0.8%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) increased 2.3%.
• The Global X Silver Miners ETF (SIL[9]) climbed 1.9%.

Gold mining shares improved on Thursday.

• Agnico-Eagle Mines (AEM[10]) inched up 0.2%.
• Barrick Gold (ABX[11]) also edged higher 0.2%.
• Eldorado Gold (EGO[12]) gained 0.6%.
• Goldcorp (GG[13]) increased 0.3%.
• Kinross Gold (KGC[14]) surged 3.1%.
• Newmont Mining (NEM[15]) added 0.8%.
• NovaGold Resources (NG[16]) rose 1.4%.
• Yamana Gold (AUY[17]) advanced 1%.

Silver mining shares mostly increased during the day.

• Coeur d’Alene Mines (CDE[18]) added 0.4%.
• Hecla Mining (HL[19]) rose 0.7%.
• Pan American Silver (PAAS[20]) fell 1.4%.
• Silver Wheaton (SLW[21]) gained 0.8%.
• Silver Standard Resources (SSRI[22]) was flat.

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.

Source URL: https://investorplace.com/2013/05/gold-jumps-as-u-s-dollar-equities-slip/

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