A continuing slide in the value U.S. dollar against other currencies gave gold a boost on Tuesday, sending the metal up sharply as investors looked for investment alternatives to the declining greenback.
Gold futures for February climbed 2.2% to $1,261.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,267.50 and as low as $1,237.40. Bullion closed in London at $1,266, according to BullionVault.
Silver futures for March delivery surged 3.1%, rising to $20.32 per ounce. Tuesday’s high for silver was $20.43, while the low was $19.74.
Metal funds gained on Tuesday.
- The SPDR Gold Shares (GLD) added 1.8%.
- The iShares Gold Trust (IAU) also increased 1.8%.
- The iShares Silver Trust (SLV) rose 2.8%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX) jumped 3.7%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) also advanced 3.7%.
- The Global X Silver Miners ETF (SIL) surged 4.2%.
Gold stocks vaulted higher on Tuesday.
- Agnico-Eagle Mines (AEM) climbed 5.7%.
- Barrick Gold (ABX) rose 5.4%.
- Eldorado Gold (EGO) added 4.4%.
- Goldcorp (GG) increased 3.3%.
- Kinross Gold (KGC) improved 5.5%.
- Newmont Mining (NEM) gained 2.4%.
- NovaGold Resources (NG) soared 6.1%.
- Yamana Gold (AUY) moved up 2.6%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines (CDE) jumped 5.9%.
- Hecla Mining (HL) added 2.1%.
- Pan American Silver (PAAS) climbed 5.2%.
- Silver Wheaton (SLW) gained 3.3%.
- Silver Standard Resources (SSRI) surged 6.3%.
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.