Gold Rises Amid FOMC Minutes Release

by Christopher Freeburn | July 10, 2013 5:08 pm

[1]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[2]. 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[3].

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[4]) rose 0.2%.
• The iShares Gold Trust (IAU[5]) climbed 0.3%.
• The iShares Silver Trust (SLV[6]) slipped 0.4%.

Gold and silver mining ETFs were also mixed during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) was flat.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) gained 0.7%.
• The Global X Silver Miners ETF (SIL[9]) fell 1%.

Gold mining shares were mostly lower Wednesday.

• Agnico-Eagle Mines (AEM[10]) dropped 0.7%.
• Barrick Gold (ABX[11]) added 0.7%.
• Eldorado Gold (EGO[12]) dipped 0.5%.
• Goldcorp (GG[13]) was flat.
• Kinross Gold (KGC[14]) climbed 0.9%.
• Newmont Mining (NEM[15]) fell 1.7%.
• NovaGold Resources (NG[16]) tumbled 4.5%.
• Yamana Gold (AUY[17]) rose 0.9%.

Silver mining shares mostly declined during the day.

• Coeur d’Alene Mines (CDE[18]) fell 1.1%.
• Hecla Mining (HL[19]) gained 0.5%.
• Pan American Silver (PAAS[20]) dropped 2.6%.
• Silver Wheaton (SLW[21]) slid 0.1%.
• Silver Standard Resources (SSRI[22]) added 0.5%.

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-rises-amid-fomc-minutes-release/

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