Gold moved fractionally higher in Wednesday trading prior to the release of the minutes of the Federal Reserve’s June Federal Open Market Committee meeting. Gold rose more strongly in after-hours trading following the minutes’ release.
Gold futures for August delivery edged up 0.1% to $1,247.40 per ounce Wednesday, according to CME Group. Gold traded as high as $1,260.80 and as low as $1,242.20. Gold bullion closed in London at $1,255, according to BullionVault.
Silver futures for August delivery also gained 0.1% to $19.16 per ounce. Wednesday’s high for silver was $19.26, while the low was $19.
Gold and silver funds were mixed in Wednesday trading.
- The SPDR Gold Trust (GLD) rose 0.2%.
- The iShares Gold Trust (IAU) climbed 0.3%.
- The iShares Silver Trust (SLV) slipped 0.4%.
Gold and silver mining ETFs were also mixed during the day.
- The Market Vectors Gold Miners ETF (GDX) was flat.
- The Market Vectors Junior Gold Miners ETF (GDXJ) gained 0.7%.
- The Global X Silver Miners ETF (SIL) fell 1%.
Gold mining shares were mostly lower Wednesday.
- Agnico-Eagle Mines (AEM) dropped 0.7%.
- Barrick Gold (ABX) added 0.7%.
- Eldorado Gold (EGO) dipped 0.5%.
- Goldcorp (GG) was flat.
- Kinross Gold (KGC) climbed 0.9%.
- Newmont Mining (NEM) fell 1.7%.
- NovaGold Resources (NG) tumbled 4.5%.
- Yamana Gold (AUY) rose 0.9%.
Silver mining shares mostly declined during the day.
- Coeur d’Alene Mines (CDE) fell 1.1%.
- Hecla Mining (HL) gained 0.5%.
- Pan American Silver (PAAS) dropped 2.6%.
- Silver Wheaton (SLW) slid 0.1%.
- Silver Standard Resources (SSRI) added 0.5%.
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.