Gold Eases Slightly After Jump
by Christopher Freeburn | July 23, 2013 5:21 pm
[1]Gold fell slightly in Tuesday trading as traders took a rest after yesterday’s sharp rise in prices. Rumors of new gold import restrictions in India, a major buyer of physical gold, also dampened the metal’s prospects.
Gold futures for August delivery dipped 0.1% to $1,334.70 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,337.80 and as low as $1,325.60. Gold bullion closed in London at $1,345, according to BullionVault[3].
Silver futures for August delivery slid 1.2% to $20.25 per ounce. Tuesday’s high for silver was $20.42, while the low was $20.13.
Gold and silver funds mostly gained in Tuesday trading.
- The SPDR Gold Trust (GLD[4]) increased 0.7%.
- The iShares Gold Trust (IAU[5]) added 0.6%.
- The iShares Silver Trust (SLV[6]) was unchanged.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) climbed 3.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) surged 4.2%.
- The Global X Silver Miners ETF (SIL[9]) rose 4.7%.
Gold mining shares moved higher on Tuesday.
- Agnico-Eagle Mines (AEM[10]) rose 1.2%.
- Barrick Gold (ABX[11]) climbed 3.3%.
- Eldorado Gold (EGO[12]) climbed 3.8%.
- Goldcorp (GG[13]) advanced 3.1%.
- Kinross Gold (KGC[14]) moved up 1.8%.
- Newmont Mining (NEM[15]) increased 2.6%.
- NovaGold Resources (NG[16]) soared 15.2%.
- Yamana Gold (AUY[17]) gained 1.3%.
Silver mining shares improved during the day.
- Coeur d’Alene Mines (CDE[18]) climbed 0.5%.
- Hecla Mining (HL[19]) gained 4.1%.
- Pan American Silver (PAAS[20]) added 4.3%.
- Silver Wheaton (SLW[21]) moved up 3.8%.
- Silver Standard Resources (SSRI[22]) increased 3.3%.
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.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://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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