A weaker-than-expected report on June home sales pushed the U.S. dollar down in Monday trading, boosting gold to its highest single-day gain in more than a year.
According to the National Association of Realtors, last month the seasonally adjusted sales pace for homes fell 1.2% to 5.08 million units. Economists had expected the annualized sales rate to rise to 5.28 million units.
Gold futures for August delivery jumped 3.3% to $1,336 per ounce Monday, according to CME Group. Gold traded as high as $1,339.10 and as low as $1,295.40. Gold bullion closed in London at $1,336, according to BullionVault.
Silver futures for August delivery soared 5.4% to $20.50 per ounce. Monday’s high for silver was $20.53, while the low was $19.76.
Gold and silver funds climbed in Monday trading.
- The SPDR Gold Trust (GLD) rose 3%.
- The iShares Gold Trust (IAU) advanced 3.1%.
- The iShares Silver Trust (SLV) improved 4.7%.
Gold and silver mining ETFs jumped during the day.
- The Market Vectors Gold Miners ETF (GDX) surged 6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) soared 8.9%.
- The Global X Silver Miners ETF (SIL) added 6%.
Gold mining shares advanced on Monday.
- Agnico-Eagle Mines (AEM) gained 5.4%.
- Barrick Gold (ABX) rose 6.2%.
- Eldorado Gold (EGO) jumped 9.5%.
- Goldcorp (GG) increased 5.8%.
- Kinross Gold (KGC) climbed 8.6%.
- Newmont Mining (NEM) moved up 5.8%.
- NovaGold Resources (NG) added 7.7%.
- Yamana Gold (AUY) grew 7.1%.
Silver mining shares gained strongly during the day.
- Coeur d’Alene Mines (CDE) increased 7.9%.
- Hecla Mining (HL) rose 4.3%.
- Pan American Silver (PAAS) improved 3.5%.
- Silver Wheaton (SLW) jumped 6.1%.
- Silver Standard Resources (SSRI) surged 10.1%.
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.