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Gold Rises as the U.S. Dollar Falls

Gold and silver futures gained, but miners tumbled


Gold Silver GLD IAU SLVGold rose in Monday trading after the dollar fell to a six-week low against the euro on rising concerns that the U.S. will not avoid the fiscal cliff and signs that Greece may successfully restructure its debt.

Gold futures for December delivery rose to $1,716.50 on Monday, according to CME Group. Gold traded as high as $1,721.90 and as low as $1,714.50. Gold bullion closed in London at $1,720, according to BullionVault.

Gold Juniors Ready to Shine
Gold Juniors Ready to Shine

Silver futures for December delivery rose to $33.64 per ounce. Monday’s high for silver was $33.85, while the low was $33.41.

Gold and silver funds fell in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged up 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also rose 0.1%.
  • The iShares Silver Trust (NYSE:SLV) gained 0.5%.

Gold and silver mining ETFs dipped during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 1.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) also sank 1.4%.

Gold mining shares retreated on Monday, with Goldcorp (NYSE:GG) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) declined 1.2%.
  • Barrick Gold (NYSE:ABX) fell 2.4%.
  • Eldorado Gold (NYSE:EGO) retreated 2.8%.
  • Goldcorp tumbled 3.1%.
  • Kinross Gold (NYSE:KGC) lost 2.2%.
  • Newmont Mining (NYSE:NEM) slid 3%.
  • NovaGold Resources (NYSE:NG) dipped 0.9%.
  • Yamana Gold (NYSE:AUY) moved down 2.3%.

Silver mining shares moved lower on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 1.4%.
  • Hecla Mining (NYSE:HL) fell 2.8%.
  • Pan American Silver (NASDAQ:PAAS) slipped 2.2%.
  • Silver Wheaton (NYSE:SLW) declined 1.8%.
  • Silver Standard Resources (NASDAQ:SSRI) sank 2.7%.

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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