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Gold Gains Checked by Stronger U.S. Dollar

NovaGold Resources bucked other miners, falling for the day


Gold Silver GLD IAU SLVGold edged ever so slightly higher in Thursday trading. The metal gained steam after the HSBC Purchasing Managers’ Index for China showed signs of improved Chinese manufacturing output, but fell back as the U.S. dollar strengthened during the day.

Gold futures for December delivery inched up 0.1% to $1,370.80 per ounce on Thursday, according to CME Group. Gold traded as high as $1,381.40 and as low as $1,354.50. Gold bullion closed in London at $1,374, according to BullionVault.

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Silver futures for December delivery rose 0.3% to $23.08 per ounce. Thursday’s high for silver was $23.37, while the low was $22.50.

Gold and silver funds gained in Thursday trading.

  • The SPDR Gold Trust (GLD) added 0.6%.
  • The iShares Gold Trust (IAU) rose 0.7%.
  • The iShares Silver Trust (SLV) increased 0.6%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 1.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) rose 0.6%.
  • The Global X Silver Miners ETF (SIL) climbed 2.5%.

Gold mining shares mostly advanced on Thursday.

  • Agnico-Eagle Mines (AEM) increased 2%.
  • Barrick Gold (ABX) added 2.6%.
  • Eldorado Gold (EGO) moved up 2.4%.
  • Goldcorp (GG) rose 1%.
  • Kinross Gold (KGC) gained 2.2%.
  • Newmont Mining (NEM) climbed 1%.
  • NovaGold Resources (NG) fell 1.3%.
  • Yamana Gold (AUY) improved 2.9%.

Silver mining shares climbed during the day.

  • Coeur d’Alene Mines (CDE) rose 2.6%.
  • Hecla Mining (HL) gained 3.1%.
  • Pan American Silver (PAAS) increased 2.6%.
  • Silver Wheaton (SLW) moved up 2.3%.
  • Silver Standard Resources (SSRI) added 3.1%.

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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