A weakening U.S. dollar sent gold modestly higher in Wednesday trading. The metal gained during a session marked by relatively soft trading volume and drew additional support from rising investor expectations that the U.S. Federal Reserve will delay any tapering of its monthly bond-buying until next year.
Gold futures for December delivery rose 0.7% to $1,317.80 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,322 and as low as $1,308.90. Bullion closed in London at $1,320, according to BullionVault.
Silver futures for December added 0.6% to $21.77 per ounce. Wednesday’s high for silver was $22.08, while the low was $21.62.
Metal funds moved higher in Wednesday trading.
- The SPDR Gold Shares (GLD) increased 0.5%.
- The iShares Gold Trust (IAU) rose 0.5%.
- The iShares Silver Trust (SLV) added 0.5%.
Mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX) gained 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.6%.
- The Global X Silver Miners ETF (SIL) edged up 0.1%.
Gold stocks improved on Wednesday.
- Agnico-Eagle Mines (AEM) rose 0.3%.
- Barrick Gold (ABX) moved up 0.3%.
- Eldorado Gold (EGO) surged 3.1%.
- Goldcorp (GG) added 1.6%.
- Kinross Gold (KGC) increased 2.5%.
- Newmont Mining (NEM) climbed 2.1%.
- NovaGold Resources (NG) inched up 0.5%.
- Yamana Gold (AUY) gained 1.5%.
Silver mining shares climbed during the day.
- Coeur d’Alene Mines (CDE) added 0.3%.
- Hecla Mining (HL) rose 2.6%.
- Pan American Silver (PAAS) increased 1.3%.
- Silver Wheaton (SLW) moved up 0.7%.
- Silver Standard Resources (SSRI) surged 4.4%.
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.