Gold Sent Higher on Fed’s QE Plans

by Christopher Freeburn | December 12, 2012 5:09 pm

Gold Silver GLD IAU SLV[1]Gold rose on Wednesday after the Federal Reserve announced that it would continue to buy U.S. bonds to stimulate the economy and the U.S. dollar fell against other currencies.

Gold futures for February delivery rose 0.5% to $1,717.90 on Wednesday, according to CME Group[2]. Gold traded as high as $1,725 and as low as $1,708.50. Gold bullion closed in London at $1,715, according to BullionVault[3].

Silver futures for February delivery climbed 2.3% to $33.75 per ounce. Wednesday’s high for silver was $33.79, while the low was $33.03.

Gold and silver funds rose in Wednesday trading.

Gold and silver mining ETFs rose during the day.

Gold mining shares were moved higher, with NovaGold Resources (NYSE:NG[10]) rising the most.

Silver mining shares advanced on Wednesday.

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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  2. CME Group:
  3. BullionVault:
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  7. GDX:
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  9. SIL:
  10. NG:
  11. AEM:
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  16. NEM:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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