Gold Posts First Rise in Four Sessions

Gold Silver GLD IAU SLVGold rose in Wednesday trading, spurred by weak demand at an Italian bond auction and dip in the sale of previously-owned U.S. homes. The metal’s gain snapped three straight sessions of declines.

Gold futures for May delivery climbed 0.7% to $1,606.60 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,608 and as low as $1,591.40. Gold bullion closed in London at $1,607, according to BullionVault.

Is It Time to Buy Gold and Silver?
Is It Time to Buy Gold and Silver?

Silver futures for May delivery slipped 0.2% to $28.61 per ounce. Wednesday’s high for silver was $28.79, while the low was $28.08.

Gold and silver funds mostly advanced in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) gained 0.3%.
  • The iShares Silver Trust (NYSE:SLV) edged down 0.1%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 1.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) advanced 0.9%.

Gold mining shares mostly moved higher on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) gained 1.1%.
  • Barrick Gold (NYSE:ABX) rose 2%.
  • Eldorado Gold (NYSE:EGO) advanced 2.6%.
  • Goldcorp (NYSE:GG) climbed 2.5%.
  • Kinross Gold (NYSE:KGC) increased 1.3%.
  • Newmont Mining (NYSE:NEM) added 1.7%.
  • NovaGold Resources (AMEX:NG) dropped 1.5%.
  • Yamana Gold (NYSE:AUY) surged 2.2%.

Silver mining shares posted gains during the day.

  • Coeur d’Alene Mines (NYSE:CDE) rose .03%.
  • Hecla Mining (NYSE:HL) jumped 2%.
  • Pan American Silver (NASDAQ:PAAS) surged 2.2%.
  • Silver Wheaton (NYSE:SLW) climbed 1.4%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 1.2%.

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.

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