Gold Gets Boost From Weaker U.S. Dollar

Gold rose, silver slipped and miners made slight but mixed moves

   

PreciousMetalsRecap Gold Gets Boost From Weaker U.S. DollarAfter sinking to a three-week low early in the session, gold rebounded in Wednesday trading to end the day with a small gain. The metal improved as the U.S. dollar sank against other currencies.

Gold futures for December delivery edged up 0.2% to $1,285.30 per ounce Wednesday, according to CME Group. Gold traded as high as $1,289 and as low as $1,271.80. Gold bullion closed in London at $1,289, according to BullionVault.

Silver futures for December delivery dipped 0.1% $19.56 per ounce. Wednesday’s high for silver was $19.61, while the low was $19.15.

Gold and silver funds mostly showed a small improvement in Wednesday trading.

  • The SPDR Gold Trust (GLD) rose 0.2%.
  • The iShares Gold Trust (IAU) inched up 0.1%.
  • The iShares Silver Trust (SLV) was unchanged.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) slipped 0.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 0.5%.
  • The Global X Silver Miners ETF (SIL) was flat.

Gold mining shares mostly declined on Wednesday.

  • Agnico-Eagle Mines (AEM) added 0.9%.
  • Barrick Gold (ABX) dipped 0.6%.
  • Eldorado Gold (EGO) advanced 0.7%.
  • Goldcorp (GG) fell 0.9%.
  • Kinross Gold (KGC) slid 0.6%.
  • Newmont Mining (NEM) also fell 0.6%.
  • NovaGold Resources (NG) tumbled 3.3%.
  • Yamana Gold (AUY) moved down 0.5%.

Silver mining shares mostly gained during the day.

  • Coeur d’Alene Mines (CDE) sank 0.2%.
  • Hecla Mining (HL) climbed 0.3%.
  • Pan American Silver (PAAS) rose 0.6%.
  • Silver Wheaton (SLW) added 0.2%.
  • Silver Standard Resources (SSRI) was flat.
gold coins scoop 630 flickr 200x200 Gold Gets Boost From Weaker U.S. Dollar
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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/2013/08/gold-gets-boost-from-weaker-u-s-dollar/.

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