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Gold Advances Ahead of ECB Policy Meeting

Gold futures increased, silver was flat and miners mostly rose


Gold Silver GLD IAU SLVGold gained modestly in Wednesday trading as investors awaited the outcome of Thursday’s European Central Bank policy meeting.

Gold futures for March delivery rose about 0.3% to $1,678.10 on Wednesday, according to CME Group. Gold traded as high as $1,678.90 and as low as $1,668.30. Gold bullion closed in London at $1,680, according to BullionVault.

China and the Elusive Golden Cross
China and the Elusive Golden Cross

Silver futures for March delivery were flat at $31.88 per ounce. Wednesday’s high for silver was $31.90 an ounce, while the low was $31.60.

Gold and silver funds moved higher in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged up 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also gained 0.3%.
  • The iShares Silver Trust (NYSE:SLV) increased 0.2%.

Gold and silver mining ETFs mostly advanced during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 0.5%.

Gold mining shares mostly rose on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) dipped 0.5%.
  • Barrick Gold (NYSE:ABX) climbed 0.7%.
  • Eldorado Gold (NYSE:EGO) was flat.
  • Goldcorp (NYSE:GG) gained 0.5%.
  • Kinross Gold (NYSE:KGC) rose 0.2%.
  • Newmont Mining (NYSE:NEM) increased 1.6%.
  • NovaGold Resources (AMEX:NG) was flat.
  • Yamana Gold (NYSE:AUY) advanced 0.3%.

Silver mining shares improved during the day.

  • Coeur d’Alene Mines (NYSE:CDE) surged 2.1%.
  • Hecla Mining (NYSE:HL) increased 1.5%.
  • Pan American Silver (NASDAQ:PAAS) rose 0.4%.
  • Silver Wheaton (NYSE:SLW) climbed 1.5%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 0.9%.

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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