Gold Gets Boost From Weaker U.S. Dollar

by Christopher Freeburn | August 7, 2013 4:34 pm

[1]After 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.

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[4]) rose 0.2%.
• The iShares Gold Trust (IAU[5]) inched up 0.1%.
• The iShares Silver Trust (SLV[6]) was unchanged.

Gold and silver mining ETFs were mixed during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) slipped 0.4%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) climbed 0.5%.
• The Global X Silver Miners ETF (SIL[9]) was flat.

Gold mining shares mostly declined on Wednesday.

• Agnico-Eagle Mines (AEM[10]) added 0.9%.
• Barrick Gold (ABX[11]) dipped 0.6%.
• Eldorado Gold (EGO[12]) advanced 0.7%.
• Goldcorp (GG[13]) fell 0.9%.
• Kinross Gold (KGC[14]) slid 0.6%.
• Newmont Mining (NEM[15]) also fell 0.6%.
• NovaGold Resources (NG[16]) tumbled 3.3%.
• Yamana Gold (AUY[17]) moved down 0.5%.

Silver mining shares mostly gained during the day.

• Coeur d’Alene Mines (CDE[18]) sank 0.2%.
• Hecla Mining (HL[19]) climbed 0.3%.
• Pan American Silver (PAAS[20]) rose 0.6%.
• Silver Wheaton (SLW[21]) added 0.2%.
• Silver Standard Resources (SSRI[22]) was flat.

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/2013/08/gold-gets-boost-from-weaker-u-s-dollar/