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Gold Hovers Near High as Oil Falls Again

Gold was mostly flat in Wednesday trading, still near a six-month high, as oil prices fell for the third consecutive day. Oil traded lower on news of rising U.S. inventories and surging Gulf of Mexico production thanks to the region’s continued recovery from Hurricane Isaac.

Gold futures for December delivery rose 0.5% to $1,771.70 on Wednesday, according to CME Group. Gold traded as high as $1,781.80 and as low as $1,764.20. Gold bullion closed in London at $1,773, according to BullionVault.

Silver futures closed down 0.1% at $34.59 per ounce. Wednesday’s high for silver was $35.03, while the low was $34.32.

Gold and silver funds were mostly lower in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.2%.
  • The iShares Gold Trust (NYSE:IAU) slipped about 0.1%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.4%.

Gold and silver mining ETFs posted gains.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 2.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 1.3%.

Gold mining shares moved higher during the day, with NovaGold Resources (NYSE:NG) leading the pack.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 1.5%
  • Barrick Gold (NYSE:ABX) rose 1.6%.
  • Eldorado Gold (NYSE:EGO) jumped 2.4%.
  • Goldcorp (NYSE:GG) edged up 0.5%.
  • Kinross Gold (NYSE:KGC) gained 2.3%.
  • Newmont Mining (NYSE:NEM) inched up 0.1%.
  • NovaGold Resources soared 6%.
  • Yamana Gold (NYSE:AUY) rose 1.8%

Silver mining shares mostly increased in Wednesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.2%.
  • Hecla Mining (NYSE:HL) gained 0.3%.
  • Pan American Silver (NASDAQ:PAAS) increased 1.2%.
  • Silver Wheaton (NYSE:SLW) edged up 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.2%.

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.

Article printed from InvestorPlace Media,

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