Gold Gains on Stalled Fiscal Cliff Talks

by Christopher Freeburn | November 29, 2012 5:09 pm

Gold Silver GLD IAU SLV[1]Gold rose in Thursday trading as negotiations between the White House and congressional Republicans over a budget deal for the approaching U.S. fiscal cliff appeared to go nowhere and the U.S. dollar fell against other currencies.

Gold futures for December delivery rose to $1,725.20 on Thursday, according to CME Group[2]. Gold traded as high as $1,729 and as low as $1,717.70. Gold bullion closed in London at $1,729, according to BullionVault[3].

Silver futures for December delivery increased to $34.27 per ounce. Thursday’s high for silver was $34.40, while the low was $33.54.

Gold and silver funds improved in Thursday trading.

Gold and silver mining ETFs rose during the day.

Gold mining shares mostly fell on Thursday, with Yamana Gold (NYSE:AUY[10]) falling the hardest.

Silver mining shares were mixed on Thursday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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