Gold Rises on Economic Stimulus Confidence

by Christopher Freeburn | April 29, 2013 4:19 pm

Gold Silver GLD IAU SLV[1]Gold gained in Monday trading after the government reported weak U.S. consumer spending for March and a low reading on inflation. The reports convinced investors that the Federal Reserve would continue its current economic stimulus policies for the immediate future.

Gold futures for June delivery climbed 0.9% to $1,467.40 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,478.30 and as low as $1,461.6. Gold bullion closed in London at $1,474, according to BullionVault[3].

Silver futures for June delivery rose 1.6% to $24.15 per ounce. Monday’s high for silver was $24.39, while the low was $23.95.

Gold and silver funds advanced in Monday trading.

Gold and silver mining ETFs moved higher during the day.

Gold mining shares were mixed on Monday.

Silver mining shares moved higher.

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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