Gold Climbs as Government Shutdown Fears Mount

Silver rose slightly while miners were mixed

   

Gold Climbs as Government Shutdown Fears Mount

PreciousMetalsRecap Gold Climbs as Government Shutdown Fears MountGold rose in Friday trading as investors contemplated the prospect of a spending bill showdown over the weekend between congressional Republicans and the White House that threatens to shut down the U.S. government as early as next week. The metal closed out the week with a 0.5% gain.

Gold futures for December delivery jumped 1.1% to $1,339.20 per ounce on Friday, according to CME Group. Gold traded as high as $1,345.20 and as low as $1,320. Bullion closed in London at $1,338, according to BullionVault.

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Silver futures for December delivery edged up 0.3% to $21.83 per ounce. Friday’s high for silver was $22.18, while the low was $21.41.

Metal funds posted modest gains in Friday trading.

  • The SPDR Gold Shares (GLD) added 0.9%.
  • The iShares Gold Trust (IAU) also rose 0.9%.
  • The iShares Silver Trust (SLV) inched up 0.2%.

Mining ETFs advanced slightly during the day.

  • The Market Vectors Gold Miners ETF (GDX) moved up 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) also rose 0.2%.
  • The Global X Silver Miners ETF (SIL) climbed 0.6%.

Gold mining shares were mixed on Friday.

  • Agnico-Eagle Mines (AEM) edged up 0.1%.
  • Barrick Gold (ABX) was unchanged.
  • Eldorado Gold (EGO) fell 0.5%.
  • Goldcorp (GG) rose 0.3%.
  • Kinross Gold (KGC) declined 0.6%.
  • Newmont Mining (NEM) slid 0.7%.
  • NovaGold Resources (NG) surged 4.5%.
  • Yamana Gold (AUY) added 0.3%.

Silver mining shares were also mixed during the day.

  • Coeur d’Alene Mines (CDE) dipped 0.1%.
  • Hecla Mining (HL) dropped 1.3%.
  • Pan American Silver (PAAS) gained 0.4%.
  • Silver Wheaton (SLW) climbed 1.8%.
  • Silver Standard Resources (SSRI) moved up 0.3%.

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/2013/09/gold-climbs-as-government-shutdown-fears-mount/.

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