Gold Dips as Optimism Rises for Debt Ceiling Deal

The metals fell, but miners rose across the board

   

PreciousMetalsRecap Gold Dips as Optimism Rises for Debt Ceiling DealGold fell back slightly in Tuesday trading as investors detected signs of movement among congressional Republicans, Senate Democrats and the White House toward an agreement to reopen the U.S. government and prevent a historic default. Lawmakers must find a way to break the political impasse before the U.S. reaches its borrowing limit on Wednesday.

Gold futures for December delivery sank 0.3% to $1,273.20 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,277.60 and as low as $1,251. Bullion closed in London at $1,283, according to BullionVault.

11103054 gold bullion 200x200 Gold Dips as Optimism Rises for Debt Ceiling Deal
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Silver futures for December slid 0.8% to $21.19 per ounce. Tuesday’s high for silver was $21.33, while the low was $20.50.

Metal funds gained in Tuesday trading.

  • The SPDR Gold Shares (GLD) rose 0.7%.
  • The iShares Gold Trust (IAU) also added 0.7%.
  • The iShares Silver Trust (SLV) edged up 0.3%.

Mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) jumped 2.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2.4%.
  • The Global X Silver Miners ETF (SIL) increased 0.8%.

Gold mining shares moved higher on Tuesday.

  • Agnico-Eagle Mines (AEM) rose 2.7%.
  • Barrick Gold (ABX) gained 3.3%.
  • Eldorado Gold (EGO) was unchanged.
  • Goldcorp (GG) added 2.1%.
  • Kinross Gold (KGC) surged 3.7%.
  • Newmont Mining (NEM) added 1.4%.
  • NovaGold Resources (NG) advanced 2.9%.
  • Yamana Gold (AUY) moved up 3.8%.

Silver mining shares climbed during the day.

  • Coeur d’Alene Mines (CDE) added 2.3%.
  • Hecla Mining (HL) rose 1.3%.
  • Pan American Silver (PAAS) gained 2.8%.
  • Silver Wheaton (SLW) added 2%.
  • Silver Standard Resources (SSRI) increased 3.3%.

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/2013/10/gold-dips-debt-ceiling-deal-optimism-rises/.

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