Gold Climbs on Fed Stimulus Confidence
by Christopher Freeburn | January 29, 2013 4:38 pm
[1]Gold 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[2]. Gold traded as high as $1665.80 and as low as $1654.60. Gold bullion closed in London at $1,666, according to BullionVault[3].
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[4]) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) climbed 0.5%.
- The iShares Silver Trust (NYSE:SLV[6]) rose 1.6%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 1.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) soared 2.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) also rose 2.2%.
Gold mining shares moved higher, with Eldorado Gold (NYSE:EGO[10]
) bucking the trend and falling.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 0.9%.
- Barrick Gold (NYSE:ABX[12]) rose 0.9%.
- Eldorado Gold sank 0.4%.
- Goldcorp (NYSE:GG[13]) advanced 2.3%.
- Kinross Gold (NYSE:KGC[14]) gained 1.9%.
- Newmont Mining (NYSE:NEM[15]) moved up 1.3%.
- NovaGold Resources (AMEX:NG[16]) climbed 1.4%.
- Yamana Gold (NYSE:AUY[17]) surged 3.4%.
Silver mining shares increased on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) advanced 1.2%.
- Hecla Mining (NYSE:HL[19]) soared 3.1%.
- Pan American Silver (NASDAQ:PAAS[20]) gained 2.7%.
- Silver Wheaton (NYSE:SLW[21]) rose 1.8%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 1.4%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/01/gold-climbs-on-fed-stimulus-confidence/