Gold Edges Higher on Weakening U.S. Dollar

The metal remains well below $1,300 an ounce

   

PreciousMetalsRecap Gold Edges Higher on Weakening U.S. DollarGold futures gained fractionally in Tuesday trading as increasing investor confidence that the Federal Reserve will maintain economic stimulus efforts over the near term drove the U.S. dollar down against other currencies.

Gold futures for December delivery rose 0.1% to $1,273.50 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,278.20 and as low as $1,268. Bullion closed in London at $1,276, according to BullionVault.

gold bars Gold Edges Higher on Weakening U.S. Dollar
ETF Investors Drop Gold Like a Bad Habit

Silver futures for December dipped 0.1% to $20.33 per ounce. Tuesday’s high for silver was $20.48, while the low was $20.20.

Metal funds were mixed in Tuesday trading.

  • The SPDR Gold Shares (GLD) was flat.
  • The iShares Gold Trust (IAU) rose 0.1%.
  • The iShares Silver Trust (SLV) fell 0.3%.

Mining ETFs mostly declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 0.6%.
  • The Global X Silver Miners ETF (SIL) dropped 0.8%.

Gold stocks mostly improved on Tuesday.

  • Agnico-Eagle Mines (AEM) added 1.1%.
  • Barrick Gold (ABX) rose 0.9%.
  • Eldorado Gold (EGO) climbed 0.2%.
  • Goldcorp (GG) inched up 0.1%.
  • Kinross Gold (KGC) increased 0.6%.
  • Newmont Mining (NEM) gained 1.2%.
  • NovaGold Resources (NG) sank 1.3%.
  • Yamana Gold (AUY) moved up 0.8%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) slid 0.5%.
  • Hecla Mining (HL) gained 1%.
  • Pan American Silver (PAAS) added 0.6%.
  • Silver Wheaton (SLW) fell 0.5%.
  • Silver Standard Resources (SSRI) edged up 0.1%.

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/2013/11/gold-edges-higher-weakening-u-s-dollar/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.