Gold Rises on Weak U.S. Dollar, Stimulus Optimism

by Christopher Freeburn | April 9, 2013 4:55 pm

Gold Silver GLD IAU SLV[1]Gold rose sharply in Tuesday trading as the U.S. dollar weakened and bargain hunters entered the market. Investor optimism in the metal was also bolstered by recent weak economic reports, suggesting that economic stimulus efforts will continue.

Gold futures for May delivery gained 0.9% to $1,586.30 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,589.70 and as low as $1,570.20. Gold bullion closed in London at $1,587, according to BullionVault[3].

Silver futures for May delivery surged 2.7% to $27.88 per ounce. Tuesday’s high for silver was $28.02, while the low was $27.14.

Gold and silver funds posted gains in Tuesday trading.

Gold and silver mining ETFs surged during the day.

Gold mining shares increased strongly on Tuesday.

Silver mining shares moved sharply higher during the day.

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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