Weak U.S. Dollar, Stronger China Send Gold Higher

by Christopher Freeburn | October 24, 2013 4:18 pm

Weak U.S. Dollar, Stronger China Send Gold Higher

PreciousMetalsRecap Weak U.S. Dollar, Stronger China Send Gold Higher[1]A better-than-expected report on Chinese manufacturing reassured investors that gold demand from China would continue to grow, pushing the metal up in Thursday trading. Gold climbed as the U.S. dollar continued to lag other currencies, especially the euro, in the wake of the U.S. government shutdown and a poor September employment report earlier this week.

Shares of Agnico-Eagle Mines (AEM[2]) vaulted sharply higher after the company reported better-than-expected third-quarter earnings.

Gold futures for December delivery gained 1.2% to $1,350.30 per ounce on Thursday, according to CME Group[3]. Gold traded as high as $1,352.30 and as low as $1,330.20. Bullion closed in London at $1,348, according to BullionVault[4].

Silver futures for December rose 0.9% to $22.82 per ounce. Thursday’s high for silver was $22.82, while the low was $22.50.

Metal funds improved in Thursday trading.

Mining ETFs advanced during the day.

Gold stocks moved higher on Thursday.

Silver mining shares climbed during the day.

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:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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