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.
Gold futures for December delivery edged up 0.2% to $1,285.30 per ounce Wednesday, according to CME Group[2]. 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[3].
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.
Industrial[24], Precious Metals[25]
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
- Industrial: https://investorplace.com/industries/industrial/
- Precious Metals: https://investorplace.com/industries/industrial/precious-metals/
Source URL: https://investorplace.com/2013/08/gold-gets-boost-from-weaker-u-s-dollar/