Gold Regains Some Lost Ground After Plunge

Gold Silver GLD IAU SLVIn the wake of yesterday’s steep sell-off, Gold rebounded modestly in Tuesday trading. A BlackRock analyst said that the metal might have been oversold and its value could rise in the face of increasing inflation and more gold-buying by central banks.

Gold futures for May delivery climbed 1.9% to $1,386.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,402.90 and as low as $1,322.10. Gold bullion closed in London at $1,368, according to BullionVault.

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Silver futures for May delivery rose 1.1% to $23.63 per ounce. Tuesday’s high for silver was $23.98, while the low was $22.

Gold and silver funds advanced in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 1.2%.
  • The iShares Gold Trust (NYSE:IAU) also increased 1.2%.
  • The iShares Silver Trust (NYSE:SLV) climbed 2.6%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) declined 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 1%.
  • The Global X Silver Miners ETF (NYSE:SIL) improved 0.8%.

Gold mining shares were also mixed on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) inched up 0.6%.
  • Barrick Gold (NYSE:ABX) fell 4.7%.
  • Eldorado Gold (NYSE:EGO) added 0.5%.
  • Goldcorp (NYSE:GG) also gained 0.4%.
  • Kinross Gold (NYSE:KGC) dropped 0.6%.
  • Newmont Mining (NYSE:NEM) dipped 0.4%.
  • NovaGold Resources (AMEX:NG) tumbled 6.4%.
  • Yamana Gold (NYSE:AUY) sank 2%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (NYSE:CDE) slid 0.5%.
  • Hecla Mining (NYSE:HL) declined 0.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 2.9%.
  • Silver Wheaton (NYSE:SLW) dipped 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) sank 2.2%.

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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