by Christopher Freeburn | April 23, 2014 5:05 pm
Gold rose slightly in Wednesday trading, buoyed by a much-worse-than-expected report on U.S. new home sales in March and renewed tensions in Ukraine. The metal marked its first gain in four sessions as U.S. equities retreated.
Among mining stocks, Agnico Eagle-Mines (AEM) climbed 3.7% after RBC Capital Markets upgraded its rating for AEM stock from “Sector Perform” to “Outperform.”
Shares of Newmont Mining (NEM) gained 3.5% after Peter Munk, the founder and chairman of Barrick Gold (ABX), said that a merger between the companies was “inevitable,” despite the recent breakdown in talks.
Gold futures for June delivery inched up 0.3% to $1,284.60 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,289.10 and as low as $1,280.80. Bullion closed in London at $1,286, according to BullionVault.
Silver futures for May delivery climbed 0.4% to settle at $19.44 per ounce. Wednesday’s high for silver was $19.55, while the low was $19.38.
Here’s how metal-based funds and mining stocks fared on Wednesday:
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.
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