Gold posted a modest rise in Wednesday trading, marking the sixth straight positive session for the precious metal. Gold improved a day after Federal Reserve Chair Janet Yellen told Congress that she would continue the loose monetary policy of her predecessor. Gold closed near $1,300 an ounce, a level not seen since early November.
Gold futures for April delivery jumped 0.4% to $1,295 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,296.40 and as low as $1,283.90. Bullion closed in London at $1,291, according to BullionVault.
Silver futures for March delivery climbed 0.9% to $20.34 per ounce. Wednesday’s high for silver was $20.39, while the low was $20.08.
Metal funds were mixed on Wednesday.
- The SPDR Gold Shares (GLD) inched up 0.1%.
- The iShares Gold Trust (IAU) also rose 0.1%.
- The iShares Silver Trust (SLV) slipped 0.1%.
Mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX) fell 3.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 4.4%.
- The Global X Silver Miners ETF (SIL) slid 2.6%.
Gold stocks declined on Wednesday.
- Agnico-Eagle Mines (AEM) fell 3.5%.
- Barrick Gold (ABX) slipped 3.1%.
- Eldorado Gold (EGO) fell back 3.4%.
- Goldcorp (GG) sank 2.7%.
- Kinross Gold (KGC) tumbled 4.1%.
- Newmont Mining (NEM) moved down 1.7%.
- NovaGold Resources (NG) decreased 3.7%.
- Yamana Gold (AUY) slid 3%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE) tumbled 5%.
- Hecla Mining (HL) sank 2.7%.
- Pan American Silver (PAAS) fell 3.3%.
- Silver Wheaton (SLW) slid 2.3%.
- Silver Standard Resources (SSRI) faded 2%.
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.