Gold Edges Higher on Continued Fed Uncertainty

Mining stocks broadly rise, but not by much

   

PreciousMetalsRecap Gold Edges Higher on Continued Fed UncertaintyGold rose slightly in Monday trading as investors weighed the prospect that the Federal Reserve would maintain current efforts to stimulate the U.S. economy in the coming months. Recent economic reports have painted a decidedly mixed picture of the U.S. recovery’s strength, offering evidence both for and against diminished Fed action.

Gold futures for July delivery inched up 0.2% to $1,386.30 per ounce on Monday, according to CME Group. Gold traded as high as $1,388.50 and as low as $1,376.30. Gold bullion closed in London at $1,388, according to BullionVault.

11103054 gold bullion 200x200 Gold Edges Higher on Continued Fed Uncertainty
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Silver futures for July delivery rose 0.8% to $21.93 per ounce. Monday’s high for silver was $22.03 while the low was $21.33.

Gold and silver funds gained in Monday trading.

  • The SPDR Gold Trust (GLD) climbed 0.5%.
  • The iShares Gold Trust (IAU) also rose 0.5%.
  • The iShares Silver Trust (SLV) increased 1.4%.

Gold and silver mining ETFs moved up slightly during the day.

  • The Market Vectors Gold Miners ETF (GDX) edged higher 0.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) improved 0.6%.
  • The Global X Silver Miners ETF (SIL) added 0.5%.

Gold mining shares were mixed on Monday.

  • Agnico-Eagle Mines (AEM) dipped 0.1%.
  • Barrick Gold (ABX) rose 0.7%.
  • Eldorado Gold (EGO) fell 0.6%.
  • Goldcorp (GG) climbed 0.3%.
  • Kinross Gold (KGC) increased 0.8%.
  • Newmont Mining (NEM) added 0.4%.
  • NovaGold Resources (NG) fell 0.4%.
  • Yamana Gold (AUY) gained 0.2%.

Silver mining shares advanced during the day.

  • Coeur d’Alene Mines (CDE) jumped 1.7%.
  • Hecla Mining (HL) rose 0.6%.
  • Pan American Silver (PAAS) gained 0.2%.
  • Silver Wheaton (SLW) inched up 0.1%.
  • Silver Standard Resources (SSRI) added 0.5%.

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/2013/06/gold-edges-higher-on-continued-fed-uncertainty/.

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