Gold Surges on Weaker U.S. Dollar

by Christopher Freeburn | July 22, 2013 4:33 pm

Gold Silver GLD IAU SLV[1]A weaker-than-expected report on June home sales pushed the U.S. dollar down in Monday trading, boosting gold to its highest single-day gain in more than a year.

According to the National Association of Realtors, last month the seasonally adjusted sales pace for homes fell 1.2% to 5.08 million units. Economists had expected the annualized sales rate to rise to 5.28 million units.

Gold futures for August delivery jumped 3.3% to $1,336 per ounce Monday, according to CME Group[2]. Gold traded as high as $1,339.10 and as low as $1,295.40. Gold bullion closed in London at $1,336, according to BullionVault[3].

Silver futures for August delivery soared 5.4% to $20.50 per ounce. Monday’s high for silver was $20.53, while the low was $19.76.

Gold and silver funds climbed in Monday trading.

Gold and silver mining ETFs jumped during the day.

Gold mining shares advanced on Monday.

Silver mining shares gained strongly 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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