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Gold Rebounds on Flat Wholesale Prices

Silver advanced to its highest price since mid-June


Gold Silver GLD IAU SLVGold bounced back from yesterday’s decline after the Labor Department said that wholesale prices held steady last month, signaling little inflationary pressure in the U.S. economy. The Federal Reserve has warned that too-low inflation could post a risk to U.S. economic growth.

Gold futures for December delivery jumped 1% to $1,333.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,334.90 and as low as $1,315.10. Gold bullion closed in London at $1,337, according to BullionVault.

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Silver futures for December delivery climbed 2.1% to $21.84 per ounce. Tuesday’s high for silver was $21.87, while the low was $21.32.

Gold and silver funds gained in Wednesday trading.

  • The SPDR Gold Trust (GLD) rose 1%.
  • The iShares Gold Trust (IAU) also added 1%.
  • The iShares Silver Trust (SLV) increased 1.8%.

Gold and silver mining ETFs surged during the day.

  • The Market Vectors Gold Miners ETF (GDX) jumped 5.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 4.6%.
  • The Global X Silver Miners ETF (SIL) grew 3.8%.

Gold mining shares advanced on Wednesday.

  • Agnico-Eagle Mines (AEM) gained 4.4%.
  • Barrick Gold (ABX) climbed 5.2%.
  • Eldorado Gold (EGO) improved 4.5%.
  • Goldcorp (GG) rose 3.9%.
  • Kinross Gold (KGC) surged 7.2%.
  • Newmont Mining (NEM) moved up 6.2%.
  • NovaGold Resources (NG) added 6%.
  • Yamana Gold (AUY) increased 4.5%.

Silver mining shares gained during the day.

  • Coeur d’Alene Mines (CDE) climbed 4.5%.
  • Hecla Mining (HL) advanced 4.4%.
  • Pan American Silver (PAAS) rose 3.8%.
  • Silver Wheaton (SLW) increased 4.1%.
  • Silver Standard Resources (SSRI) surged 5%.

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.

Article printed from InvestorPlace Media,

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