Gold gained modestly in Monday trading as the U.S. dollar declined against other currencies and crude oil surged. The metal rose as investors looked ahead to the outcome of the Federal Reserve’s Federal Open Markets Committee meeting later this week, which could yield signals as to the timing of stimulus tapering.
Gold futures for February increased 0.8% to $1,244.40 per ounce on Monday, according to CME Group. Gold traded as high as $1,251.70 and as low as $1,227.20. Bullion closed in London at $1,242, according to BullionVault.
Silver futures for March delivery jumped 2.5%, to $20.10 per ounce. Monday’s high for silver was $20.29, while the low was $19.45.
Metal funds moved higher on Monday.
- The SPDR Gold Shares (GLD) edged up 0.2%.
- The iShares Gold Trust (IAU) added 0.3%.
- The iShares Silver Trust (SLV) rose 1.4%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX) gained 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) advanced 1.5%.
- The Global X Silver Miners ETF (SIL) added 0.8%.
Gold stocks were mixed on Monday.
- Agnico-Eagle Mines (AEM) slipped 0.2%.
- Barrick Gold (ABX) climbed 1.9%.
- Eldorado Gold (EGO) fell 1.6%.
- Goldcorp (GG) gained 1.6%.
- Kinross Gold (KGC) rose 1%.
- Newmont Mining (NEM) dipped 0.5%.
- NovaGold Resources (NG) waned 0.4%.
- Yamana Gold (AUY) added 1%.
Silver mining shares gained during the day.
- Coeur d’Alene Mines (CDE) rose 0.4%.
- Hecla Mining (HL) increased 0.7%.
- Pan American Silver (PAAS) gained 1.3%.
- Silver Wheaton (SLW) improved 1.5%.
- Silver Standard Resources (SSRI) surged 8.3%.
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.