Gold Slips As Equities Rally

Most mining stocks posted modest gains

   

Gold Slips As Equities Rally

PreciousMetalsRecap Gold Slips As Equities RallyGold dipped slightly in Monday trading as equities markets rebounded from Friday’s decline. Investors are awaiting the outcome of the Federal Reserve’s meeting this week for hints as to whether the Fed will move to wind down stimulus efforts this later this year.

Gold futures for July delivery slipped 0.3% to $1,383 per ounce on Monday, according to CME Group. Gold traded as high as $1,390.20 and as low as $1,380.20. Gold bullion closed in London at $1,386, according to BullionVault.

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Silver futures for July delivery also fell 0.9% to $21.76 per ounce. Monday’s high for silver was $22.06 while the low was $21.61.

Gold and silver funds declined in Monday trading.

  • The SPDR Gold Trust (GLD) dipped 0.5%.
  • The iShares Gold Trust (IAU) also slid 0.5%.
  • The iShares Silver Trust (SLV) slumped 1.2%.

Gold and silver mining ETFs were mostly lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 0.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 1.7%.
  • The Global X Silver Miners ETF (SIL) sank 0.8%.

Gold mining shares mostly advanced on Monday.

  • Agnico-Eagle Mines (AEM) climbed 1.6%.
  • Barrick Gold (ABX) fell 0.4%.
  • Eldorado Gold (EGO) edged up 0.4%.
  • Goldcorp (GG) rose 0.5%.
  • Kinross Gold (KGC) gained 0.7%.
  • Newmont Mining (NEM) added 0.8%.
  • NovaGold Resources (NG) moved up 0.4%.
  • Yamana Gold (AUY) increased 0.4%.

Silver mining shares mostly retreated during the day.

  • Coeur d’Alene Mines (CDE) dipped 0.3%.
  • Hecla Mining (HL) dropped 2.1%.
  • Pan American Silver (PAAS) slid 0.2%.
  • Silver Wheaton (SLW) rose 1%.
  • Silver Standard Resources (SSRI) fell 2.2%.

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-slips-as-equities-rally/.

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