Gold Gains as Debt Ceiling Deadline Looms

Metal funds slip, however, and miners head south too

   

Gold Gains as Debt Ceiling Deadline Looms

PreciousMetalsRecap Gold Gains as Debt Ceiling Deadline LoomsGold rose modestly in Wednesday trading as lawmakers continued to negotiate an agreement to avert a historic U.S. default. The Treasury has said it will run out borrowing power on Thursday.

Senate leaders were in furious negotiations all morning and signaled during the afternoon that a deal had been reached, though no vote had yet been taken.

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Gold futures for December delivery climbed 0.7% to $1,282.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,289.20 and as low as $1,268.60. Bullion closed in London at $1,282, according to BullionVault.

Silver futures for December moved up 0.8% to $21.37 per ounce. Wednesday’s high for silver was $21.45, while the low was $21.12.

Metal funds edged lower in Wednesday trading.

  • The SPDR Gold Shares (GLD) slipped 0.2%.
  • The iShares Gold Trust (IAU) also dipped 0.2%.
  • The iShares Silver Trust (SLV) fell 0.2%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 2.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 1.1%.
  • The Global X Silver Miners ETF (SIL) slid 0.9%.

Gold mining shares pulled back on Wednesday.

  • Agnico-Eagle Mines (AEM) dropped 3.1%.
  • Barrick Gold (ABX) slid 0.8%.
  • Eldorado Gold (EGO) fell 2.4%.
  • Goldcorp (GG) moved down 1.6%.
  • Kinross Gold (KGC) slipped 2.1%.
  • Newmont Mining (NEM) decreased 0.8%.
  • NovaGold Resources (NG) retreated 1.4%.
  • Yamana Gold (AUY) declined 2%.

Silver mining shares fell during the day.

  • Coeur d’Alene Mines (CDE) dipped 0.5%.
  • Hecla Mining (HL) inched up 0.2%.
  • Pan American Silver (PAAS) dropped 1%.
  • Silver Wheaton (SLW) sank 0.9%.
  • Silver Standard Resources (SSRI) declined 1.4%.

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-gains-debt-ceiling-deadline-looms/.

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