Gold, Silver Climb as U.S. Dollar Sinks

by Christopher Freeburn | November 6, 2013 4:28 pm

[1]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[2]. Gold traded as high as $1,322 and as low as $1,308.90. Bullion closed in London at $1,320, according to BullionVault[3].

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[4]) increased 0.5%.
• The iShares Gold Trust (IAU[5]) rose 0.5%.
• The iShares Silver Trust (SLV[6]) added 0.5%.

Mining ETFs advanced during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) gained 1.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) climbed 1.6%.
• The Global X Silver Miners ETF (SIL[9]) edged up 0.1%.

Gold stocks improved on Wednesday.

• Agnico-Eagle Mines (AEM[10]) rose 0.3%.
• Barrick Gold (ABX[11]) moved up 0.3%.
• Eldorado Gold (EGO[12]) surged 3.1%.
• Goldcorp (GG[13]) added 1.6%.
• Kinross Gold (KGC[14]) increased 2.5%.
• Newmont Mining (NEM[15]) climbed 2.1%.
• NovaGold Resources (NG[16]) inched up 0.5%.
• Yamana Gold (AUY[17]) gained 1.5%.

Silver mining shares climbed during the day.

• Coeur d’Alene Mines (CDE[18]) added 0.3%.
• Hecla Mining (HL[19]) rose 2.6%.
• Pan American Silver (PAAS[20]) increased 1.3%.
• Silver Wheaton (SLW[21]) moved up 0.7%.
• Silver Standard Resources (SSRI[22]) surged 4.4%.

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.

Source URL: https://investorplace.com/2013/11/gold-climbs-us-dollar-sinks/

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