Gold Jumps on Strong India, China Buying

Gold and silver rose while miners soared

   

PreciousMetalsRecap Gold Jumps on Strong India, China BuyingRising physical demand for gold in China and India sent the metal sharply higher in Wednesday trading. Hong Kong reported that gold imports to China doubled to a record high in March. A separate report indicated that India’s gold purchases in May would exceed 100 metric tons for a second consecutive month.

Gold futures for June delivery climbed 1.7% to $1,473.70 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,475.80 and as low as $1,446.70. Gold bullion closed in London at $1,475, according to BullionVault.

Silver mine idaho 630 flickr 200x200 Gold Jumps on Strong India, China Buying
Send These 2 Gold Miners Packing

Silver futures for June delivery rose 0.5% to $23.91 per ounce. Wednesday’s high for silver was $24, while the low was $23.64.

Gold and silver funds advanced in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 1.5%.
  • The iShares Gold Trust (NYSE:IAU) improved 1.6%.
  • The iShares Silver Trust (NYSE:SLV) edged up 0.1%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 5.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 5.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) added 2.6%.

Gold mining shares jumped on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 5.3%.
  • Barrick Gold (NYSE:ABX) soared 8.4%.
  • Eldorado Gold (NYSE:EGO) added 6.4%.
  • Goldcorp (NYSE:GG) rose 6.4%.
  • Kinross Gold (NYSE:KGC) surged 5.9%.
  • Newmont Mining (NYSE:NEM) increased 4.5%.
  • NovaGold Resources (AMEX:NG) advanced 6.8%.
  • Yamana Gold (NYSE:AUY) improved 5.6%.

Silver mining shares gained.

  • Coeur d’Alene Mines (NYSE:CDE) rose 4.3%.
  • Hecla Mining (NYSE:HL) increased 4.9%.
  • Pan American Silver (NASDAQ:PAAS) added 3.4%.
  • Silver Wheaton (NYSE:SLW) increased 3.7%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 4.5%.

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-jumps-on-strong-india-china-buying/.

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