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Gold Rebounds on Lowered Corporate Outlook

GGold Silver GLD IAU SLVold prices recovered some of Friday’s losses on Monday as bargain hunters entered the market and construction equipment-maker Caterpillar (NYSE:CAT) trimmed its profit outlook for the year, renewing concerns about the anemic U.S. economy.

Gold futures for December delivery edged higher to $1,726.30 on Monday, according to CME Group. Gold traded as high as $1,730.30 and as low as $1,714.40. Gold bullion closed in London at $1,731, according to BullionVault.

Silver futures for December delivery also closed up at $32.25 per ounce. Monday’s high for silver was $32.48, while the low was $31.70.

Gold and silver funds rose in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) inched up 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.4%.
  • The iShares Silver Trust (NYSE:SLV) increased 1%.

Gold and silver mining ETFs were higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) moved higher 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) climbed 2%.

Gold mining shares climbed on Monday, with Agnico-Eagle Mines (NYSE:AEM) advancing the most.

  • Agnico-Eagle Mines rose 1.8%.
  • Barrick Gold (NYSE:ABX) gained 1.2%.
  • Eldorado Gold (NYSE:EGO)  increased 1.3%.
  • Goldcorp (NYSE:GG) edged up 1%.
  • Kinross Gold (NYSE:KGC) moved up 1.2%.
  • Newmont Mining (NYSE:NEM) advanced 1.1%.
  • NovaGold Resources (AMEX:NG) climbed 1.6%.
  • Yamana Gold (NYSE:AUY) added 0.9%.

Silver mining shares traded higher on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) surged 4.2%.
  • Hecla Mining (NYSE:HL) gained 2.5%.
  • Pan American Silver (NASDAQ:PAAS) rose 3.5%.
  • Silver Wheaton (NYSE:SLW) advanced 3.1%.
  • Silver Standard Resources (NASDAQ:SSRI) inched up 0.4%.

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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