Gold Jumps on Strong India, China Buying
by Christopher Freeburn | May 8, 2013 4:22 pm
[1]Rising 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[2]. 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[3].
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[4]) rose 1.5%.
- The iShares Gold Trust (NYSE:IAU[5]) improved 1.6%.
- The iShares Silver Trust (NYSE:SLV[6]) edged up 0.1%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) surged 5.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) gained 5.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) added 2.6%.
Gold mining shares jumped on Wednesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) climbed 5.3%.
- Barrick Gold (NYSE:ABX[11]) soared 8.4%.
- Eldorado Gold (NYSE:EGO[12]) added 6.4%.
- Goldcorp (NYSE:GG[13]) rose 6.4%.
- Kinross Gold (NYSE:KGC[14]) surged 5.9%.
- Newmont Mining (NYSE:NEM[15]) increased 4.5%.
- NovaGold Resources (AMEX:NG[16]) advanced 6.8%.
- Yamana Gold (NYSE:AUY[17]) improved 5.6%.
Silver mining shares gained.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 4.3%.
- Hecla Mining (NYSE:HL[19]) increased 4.9%.
- Pan American Silver (NASDAQ:PAAS[20]) added 3.4%.
- Silver Wheaton (NYSE:SLW[21]) increased 3.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 4.5%.
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/
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