Gold Climbs on Fed Stimulus Confidence

Gold Silver GLD IAU SLVGold moved higher in Tuesday trading, snapping four straight sessions of declines, as speculation grew that the Federal Open Market Committee meeting would lead to a renewed commitment to stimulus efforts to boost the U.S. economy.

Gold futures for March delivery gained almost 0.5% to $1,661.70 on Tuesday, according to CME Group. Gold traded as high as $1665.80 and as low as $1654.60. Gold bullion closed in London at $1,666, according to BullionVault.

Gold Bugs Headed Back to the Bench
Gold Bugs Headed Back to the Bench

Silver futures for March delivery rose 1.3% to $31.18 per ounce. Tuesday’s high for silver was $31.47 an ounce, while the low was $30.85.

Gold and silver funds advanced in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) climbed 0.5%.
  • The iShares Silver Trust (NYSE:SLV) rose 1.6%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 1.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) soared 2.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) also rose 2.2%.

Gold mining shares moved higher, with Eldorado Gold (NYSE:EGO) bucking the trend and falling.

  • Agnico-Eagle Mines (NYSE:AEM) increased 0.9%.
  • Barrick Gold (NYSE:ABX) rose 0.9%.
  • Eldorado Gold sank 0.4%.
  • Goldcorp (NYSE:GG) advanced 2.3%.
  • Kinross Gold (NYSE:KGC) gained 1.9%.
  • Newmont Mining (NYSE:NEM) moved up 1.3%.
  • NovaGold Resources (AMEX:NG) climbed 1.4%.
  • Yamana Gold (NYSE:AUY) surged 3.4%.

Silver mining shares increased on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) advanced 1.2%.
  • Hecla Mining (NYSE:HL) soared 3.1%.
  • Pan American Silver (NASDAQ:PAAS) gained 2.7%.
  • Silver Wheaton (NYSE:SLW) rose 1.8%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.4%.

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,

©2021 InvestorPlace Media, LLC