Gold Moves Higher on Euro Zone Worries

Gold and silver rose, miners mostly advanced

   

PreciousMetalsRecap Gold Moves Higher on Euro Zone WorriesGold gained modestly in Monday trading on rising investor concerns about Europe.

On Friday, Fitch Ratings downgraded France’s credit rating. The continent’s continued weak economic performance, recent political turbulence in Portugal and falling public support for French President Francois Hollande’s government stoked speculation that a new euro zone crisis could ignite at any moment.

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Time for the Golden Rupee Trade in GLD

Gold futures for August delivery rose 0.5% to $1,283.50 per ounce Monday, according to CME Group. Gold traded as high as $1,293.60 and as low as $1,272.50. Gold bullion closed in London at $1,287, according to BullionVault.

Silver futures for August delivery also inched up 0.2% to $19.83 per ounce. Monday’s high for silver was $20.11, while the low was $19.68.

Gold and silver funds were mostly flat in Monday trading.

  • The SPDR Gold Trust (GLD) was flat.
  • The iShares Gold Trust (IAU) was unchanged.
  • The iShares Silver Trust (SLV) rose 0.4%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) slipped 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1%.
  • The Global X Silver Miners ETF (SIL) rose 0.3%.

Gold mining shares mostly advanced on Monday.

  • Agnico-Eagle Mines (AEM) dipped 0.4%.
  • Barrick Gold (ABX) rose 0.8%.
  • Eldorado Gold (EGO) gained 0.2%.
  • Goldcorp (GG) increased 0.2%.
  • Kinross Gold (KGC) slid 1%.
  • Newmont Mining (NEM) improved 0.5%.
  • NovaGold Resources (NG) surged 6.9%.
  • Yamana Gold (AUY) added 0.3%.

Silver mining shares mostly improved during the day.

  • Coeur d’Alene Mines (CDE) climbed 1.5%.
  • Hecla Mining (HL) was unchanged.
  • Pan American Silver (PAAS) gained 0.4%.
  • Silver Wheaton (SLW) rose 0.5%.
  • Silver Standard Resources (SSRI) sank 0.7%.

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/2013/07/gold-moves-higher-on-euro-zone-worries/.

©2014 InvestorPlace Media, LLC

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