Gold Gains as U.S. Dollar Pulls Back

by Christopher Freeburn | November 4, 2013 4:30 pm

[1]Gold rose slightly in Monday trading as the last week’s U.S. dollar rally faded and the greenback weakened against other currencies.

Gold futures for December delivery edged up 0.1% to $1,314.70 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,322.40 and as low as $1,310.80. Bullion closed in London at $1,316, according to BullionVault[3].

Silver futures for December sank 0.6% to $21.70 per ounce. Monday’s high for silver was $21.94, while the low was $21.61.

Metal funds declined in Monday trading.

• The SPDR Gold Shares (GLD[4]) dipped 0.1%.
• The iShares Gold Trust (IAU[5]) slid 0.1%.
• The iShares Silver Trust (SLV[6]) dropped 1%.

Mining ETFs rose during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) gained 3.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) added 2.1%.
• The Global X Silver Miners ETF (SIL[9]) increased 1.9%.

Gold stocks improved strongly on Monday.

• Agnico-Eagle Mines (AEM[10]) gained 2%.
• Barrick Gold (ABX[11]) rose 1.6%.
• Eldorado Gold (EGO[12]) moved down 3.2%.
• Goldcorp (GG[13]) added 3%.
• Kinross Gold (KGC[14]) climbed 3.9%.
• Newmont Mining (NEM[15]) surged 5.2%.
• NovaGold Resources (NG[16]) moved up 3.8%.
• Yamana Gold (AUY[17]) gained 1.3%.

Silver mining shares advanced during the day.

• Coeur d’Alene Mines (CDE[18]) added 2.9%.
• Hecla Mining (HL[19]) was flat.
• Pan American Silver (PAAS[20]) increased 2%.
• Silver Wheaton (SLW[21]) edged up 0.3%.
• Silver Standard Resources (SSRI[22]) slid 1.3%.

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-gains-u-s-dollar-pulls-back/

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