Gold Gains as Debt Ceiling Deadline Looms
by Christopher Freeburn | October 16, 2013 4:27 pm
[1]Gold 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.
Gold futures for December delivery climbed 0.7% to $1,282.30 per ounce on Wednesday, according to CME Group[2]. 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[3].
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[4]) slipped 0.2%.
- The iShares Gold Trust (IAU[5]) also dipped 0.2%.
- The iShares Silver Trust (SLV[6]) fell 0.2%.
Mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) dropped 2.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) sank 1.1%.
- The Global X Silver Miners ETF (SIL[9]) slid 0.9%.
Gold mining shares pulled back on Wednesday.
- Agnico-Eagle Mines (AEM[10]) dropped 3.1%.
- Barrick Gold (ABX[11]) slid 0.8%.
- Eldorado Gold (EGO[12]) fell 2.4%.
- Goldcorp (GG[13]) moved down 1.6%.
- Kinross Gold (KGC[14]) slipped 2.1%.
- Newmont Mining (NEM[15]) decreased 0.8%.
- NovaGold Resources (NG[16]) retreated 1.4%.
- Yamana Gold (AUY[17]) declined 2%.
Silver mining shares fell during the day.
- Coeur d’Alene Mines (CDE[18]) dipped 0.5%.
- Hecla Mining (HL[19]) inched up 0.2%.
- Pan American Silver (PAAS[20]) dropped 1%.
- Silver Wheaton (SLW[21]) sank 0.9%.
- Silver Standard Resources (SSRI[22]) declined 1.4%.
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.
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/
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