Gold Rebounds as U.S. Dollar, Equities Drop

by Christopher Freeburn | June 12, 2013 4:48 pm

Gold Silver GLD IAU SLV[1]Gold climbed in Wednesday trading, countering a downward trend among global equities markets and a sliding U.S. dollar. Worldwide markets continued to sink on the heels of yesterday’s refusal by the Bank of Japan to increase stimulus efforts. The Japanese central bank’s move stoked investor uncertainty about whether the U.S. Federal Reserve will wind down its own economic stimulus efforts before the end of this year.

Gold futures for July delivery jumped 1.1% to $1,392.10 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,393.80 and as low as $1,373.20. Gold bullion closed in London at $1,391, according to BullionVault[3].

Silver futures for July delivery rose 0.7% to $21.80 per ounce. Wednesday’s high for silver was $21.95 while the low was $21.46.

Gold and silver funds moved higher in Wednesday trading.

Gold and silver mining ETFs were mixed during the day.

Gold mining shares mostly gained on Wednesday.

Silver mining shares mostly increased 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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