Gold Slips Following Iran Nuclear Deal

Silver inched higher, and most mining stocks rose

   

PreciousMetalsRecap Gold Slips Following Iran Nuclear DealGold fell slightly in Monday trading as investors digested an interim agreement between Iran and six world powers, including the U.S., which appeared to defuse tensions in the Middle East, reducing the metal’s appeal as a safe haven investment.

The agreement eases sanctions on the Islamic republic for six months while negotiators continue to work out a broader deal meant to prevent Iran from obtaining a nuclear weapon. Under the deal, Iran will be able to sell up to one million barrels of oil a day on the world market. Crude oil prices sank on news of the deal.

Gold futures for December delivery dipped 0.2% to $1,241.20 per ounce on Monday, according to CME Group. Gold traded as high as $1,248 and as low as $1,225.70. Bullion closed in London at $1,252, according to BullionVault.

11103054 gold bullion 200x200 Gold Slips Following Iran Nuclear Deal
ETF Investors Drop Gold Like a Bad Habit

Silver futures for December edged up two cents $19.88 per ounce. Monday’s high for silver was $20.02, while the low was $19.57.

Metal funds gained on Monday.

  • The SPDR Gold Shares (GLD) rose 0.5%.
  • The iShares Gold Trust (IAU) also added 0.5%.
  • The iShares Silver Trust (SLV) climbed 0.8%.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) slipped 0.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 1.1%.
  • The Global X Silver Miners ETF (SIL) fell 1%.

Gold stocks mostly moved higher on Monday.

  • Agnico-Eagle Mines (AEM) added 1.4%.
  • Barrick Gold (ABX) inched up 0.1%.
  • Eldorado Gold (EGO) gained 1.9%.
  • Goldcorp (GG) slid 0.8%.
  • Kinross Gold (KGC) rose 1%.
  • Newmont Mining (NEM) sank 0.8%.
  • NovaGold Resources (NG) fell 0.9%.
  • Yamana Gold (AUY) edged higher 0.1%.

Silver mining shares mostly advanced during the day.

  • Coeur d’Alene Mines (CDE) rose 1.1%.
  • Hecla Mining (HL) climbed 2.1%.
  • Pan American Silver (PAAS) was flat.
  • Silver Wheaton (SLW) fell 1.4%.
  • Silver Standard Resources (SSRI) gained 2.4%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/11/gold-slips-iran-nuclear-deal/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.