Gold Climbs on Fed Stimulus Confidence

by Christopher Freeburn | January 29, 2013 4:38 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs moved higher during the day.

Gold mining shares moved higher, with Eldorado Gold (NYSE:EGO[10]) bucking the trend and falling.

Silver mining shares increased on Tuesday.

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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