by Christopher Freeburn | April 16, 2014 5:09 pm
Gold advanced fractionally in Wednesday trading as renewed violence in Eastern Ukraine boosted the metal’s safe-haven appeal.
A deal between Yamana Gold (AUY) and Agnico-Eagle Mines (AEM) to acquire fellow Canadian miner Osisko Mining for $3.55 billion sent AUY and AEM stock down sharply. News of the deal — which has Osisko’s support — comes a week after GoldCorp (GG) increased its hostile bid for Osisko. GG stock rose modestly during the day.
Gold futures for June delivery inched up 0.2% to $1,303.50 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,307.10 and as low as $1,293.50. Bullion closed in London at $1,304, according to BullionVault.
Silver futures for May delivery rose 0.7% to settle at $19.63 per ounce. Wednesday’s high for silver was $19.81, while the low was $19.33.
Here’s how metal-based funds and mining stocks fared 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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