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Gold Edges Up as Oil Continues Downward

Gold Silver GLD IAU SLVGold ended Tuesday’s session posting a small gain in the face of a second day of falling oil prices and continuing debate over the effectiveness of the Federal Reserve’s QE3.

Gold futures for December delivery rose 0.6% to $1,771.20 on Tuesday, according to CME Group. Gold traded as high as $1,775.90 and as low as $1,753.20. Gold bullion closed in London at $1,774, according to BullionVault.

Silver futures closed up 0.4% at $34.718 per ounce. Tuesday’s high for silver was $35.10, while the low was $34.015.

Gold and silver funds rose in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.8%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.8%.
  • The iShares Silver Trust (NYSE:SLV) jumped 2.2%.

Gold and silver mining ETFs also finished higher.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved up 1.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 1.5%.

Gold mining shares posted mostly gains for the day, with NovaGold Resources (AMEX:NG) showing the largest increase.

  • Agnico-Eagle Mines (NYSE:AEM) edged up 0.9%
  • Barrick Gold (NYSE:ABX) dipped 0.3%.
  • Eldorado Gold (NYSE:EGO) fell 2%.
  • Goldcorp (NYSE:GG) gained 0.9%.
  • Kinross Gold (NYSE:KGC) inched higher by 0.3%.
  • Newmont Mining (NYSE:NEM) slipped 0.3%.
  • NovaGold Resources climbed 2.1%.
  • Yamana Gold (NYSE:AUY) closed up 1%

Silver mining shares mostly rose in Tuesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) gained 0.8%.
  • Hecla Mining (NYSE:HL) jumped 3.5%.
  • Pan American Silver (NASDAQ:PAAS) increased 2.2%.
  • Silver Wheaton (NYSE:SLW) rose 1.6%.
  • Silver Standard Resources (NASDAQ:SSRI) edged up 0.6%.

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,

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