Gold Rises Amid FOMC Minutes Release

Metals rose marginally, while miners were mixed

   

PreciousMetalsRecap Gold Rises Amid FOMC Minutes ReleaseGold 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.

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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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/gold-rises-amid-fomc-minutes-release/.

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