Gold Mostly Flat After G7 Statement

by Christopher Freeburn | February 12, 2013 4:55 pm

Gold Silver GLD IAU SLV[1]A statement released by the Group of Seven reaffirming their commitment to market-determined currency exchange rates sent the U.S. dollar lower in Tuesday trading, giving gold a tiny boost. But the metal didn’t show any safe-haven benefit from North Korea’s reported underground nuclear test, settling just above yesterday’s five-week low.

Gold futures for March delivery edged fractionally higher to $1,648.90 on Tuesday, according to CME Group[2]. Gold traded as high as $1,652.70 and as low as $1,639. Gold bullion closed in London at $1,653, according to BullionVault[3].

Silver futures for March delivery rose about 0.4% to $31.02 per ounce. Tuesday’s high for silver was $31.16 an ounce, while the low was $30.58.

Gold and silver funds gained in Tuesday trading.

Gold and silver mining ETFs also mostly increased during the day.

Gold mining shares moved mostly higher on Tuesday.

Silver mining shares also mostly rose.

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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