Gold Rebounds as U.S. Dollar, Equities Drop

Mining stocks mostly posted modest gains

   

PreciousMetalsRecap Gold Rebounds as U.S. Dollar, Equities DropGold climbed in Wednesday trading, countering a downward trend among global equities markets and a sliding U.S. dollar. Worldwide markets continued to sink on the heels of yesterday’s refusal by the Bank of Japan to increase stimulus efforts. The Japanese central bank’s move stoked investor uncertainty about whether the U.S. Federal Reserve will wind down its own economic stimulus efforts before the end of this year.

Gold futures for July delivery jumped 1.1% to $1,392.10 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,393.80 and as low as $1,373.20. Gold bullion closed in London at $1,391, according to BullionVault.

gold bars1 Gold Rebounds as U.S. Dollar, Equities Drop
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Silver futures for July delivery rose 0.7% to $21.80 per ounce. Wednesday’s high for silver was $21.95 while the low was $21.46.

Gold and silver funds moved higher in Wednesday trading.

  • The SPDR Gold Trust (GLD) rose 0.7%.
  • The iShares Gold Trust (IAU) also increased 0.7%.
  • The iShares Silver Trust (SLV) added 0.5%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.4%.
  • The Global X Silver Miners ETF (SIL) slipped 0.1%.

Gold mining shares mostly gained on Wednesday.

  • Agnico-Eagle Mines (AEM) climbed 2%.
  • Barrick Gold (ABX) rose 0.6%.
  • Eldorado Gold (EGO) increased o.3%.
  • Goldcorp (GG) gained 1%.
  • Kinross Gold (KGC) dropped 0.8%.
  • Newmont Mining (NEM) advanced 1.6%.
  • NovaGold Resources (NG) sank 1.7%.
  • Yamana Gold (AUY) surged 2.9%.

Silver mining shares mostly increased during the day.

  • Coeur d’Alene Mines (CDE) improved 1.8%.
  • Hecla Mining (HL) dipped 0.3%.
  • Pan American Silver (PAAS) rose 1%.
  • Silver Wheaton (SLW) added 1.5%.
  • Silver Standard Resources (SSRI) edged up 0.1%.

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-rebounds-as-u-s-dollar-equities-drop/.

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