Gold Gains for Fourth Straight Session

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Gold Silver GLD IAU SLVGold rose strongly in Monday trading ahead of tomorrow’s testimony by new Federal Reserve Chairwoman Janet Yellen before the U.S. House Financial Services Committee. The metal climbed for a fourth consecutive session, hitting its highest close since mid-November.

Gold futures for April delivery rose 0.9% to $1,274.70 per ounce on Monday, according to CME Group. Gold traded as high as $1,277.80 and as low as $1,264.70. Bullion closed in London at $1,275, according to BullionVault.

Silver futures for March delivery gained 0.9% to $20.11 per ounce. Monday’s high for silver was $20.28, while the low was $19.96.

Metal funds improved on Monday.

  • The SPDR Gold Shares (GLD) rose 0.6%.
  • The iShares Gold Trust (IAU) added 0.5%.
  • The iShares Silver Trust (SLV) inched up 0.1%.

Mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 3.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) surged 4.3%.
  • The Global X Silver Miners ETF (SIL) gained 4.2%.

Gold stocks sprinted higher on Monday.

  • Agnico-Eagle Mines (AEM) jumped 5.1%.
  • Barrick Gold (ABX) rose 2.1%.
  • Eldorado Gold (EGO) surged 5.6%.
  • Goldcorp (GG) added 2%.
  • Kinross Gold (KGC) vaulted 5.8%.
  • Newmont Mining (NEM) moved up 3.1%.
  • NovaGold Resources (NG) advanced 3.6%.
  • Yamana Gold (AUY) soared 6.3%.

Silver mining shares climbed during the day.

  • Coeur d’Alene Mines (CDE) gained 4.6%.
  • Hecla Mining (HL) added 1.6%.
  • Pan American Silver (PAAS) rose 1%.
  • Silver Wheaton (SLW) advanced 3.4%.
  • Silver Standard Resources (SSRI) increased 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, https://investorplace.com/2014/02/gold-gains-fourth-straight-session/.

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