Gold Climbs as U.S. Dollar Stalls

by Christopher Freeburn | July 8, 2013 4:43 pm

[1]Gold rebounded in Monday trading as the U.S. dollar cooled against other currencies.

The precious metal recovered some of the ground lost in Friday trading after the U.S. posted better-than-expected June employment numbers.

Gold futures for August delivery climbed 1.8% to $1,234.90 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,237.40 and as low as $1,214.40. Gold bullion closed in London at $1,238, according to BullionVault[3].

Silver futures for August delivery rose 1.6% to $19.03 per ounce. Monday’s high for silver was $19.23 while the low was $18.71.

Gold and silver funds gained in Monday trading.

• The SPDR Gold Trust (GLD[4]) rose 1.2%.
• The iShares Gold Trust (IAU[5]) also climbed 1.2%.
• The iShares Silver Trust (SLV[6]) added 1.1%.

Gold and silver mining ETFs mostly declined during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) fell 2.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) rose 0.2%.
• The Global X Silver Miners ETF (SIL[9]) sank 1%.

Gold mining shares were mostly lower on Monday.

• Agnico-Eagle Mines (AEM[10]) climbed 3.3%.
• Barrick Gold (ABX[11]) rose 0.2%.
• Eldorado Gold (EGO[12]) fell 1.7%.
• Goldcorp (GG[13]) slid 2%.
• Kinross Gold (KGC[14]) dropped 3.2%.
• Newmont Mining (NEM[15]) moved down 2.7%.
• NovaGold Resources (NG[16]) dipped 0.5%.
• Yamana Gold (AUY[17]) sank 1.6%.

Silver mining shares mostly slid during the day.

• Coeur d’Alene Mines (CDE[18]) dropped 3.9%.
• Hecla Mining (HL[19]) fell 3.2%.
• Pan American Silver (PAAS[20]) declined 2.2%.
• Silver Wheaton (SLW[21]) rose 0.1%.
• Silver Standard Resources (SSRI[22]) sank 2.3%.

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.

Source URL: https://investorplace.com/2013/07/gold-climbs-as-u-s-dollar-stalls/

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