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Gold Gains as U.S. Dollar Pulls Back

Silver fell, but mining stocks rose broadly


Gold Silver GLD IAU SLVGold rose slightly in Monday trading as the last week’s U.S. dollar rally faded and the greenback weakened against other currencies.

Gold futures for December delivery edged up 0.1% to $1,314.70 per ounce on Monday, according to CME Group. Gold traded as high as $1,322.40 and as low as $1,310.80. Bullion closed in London at $1,316, according to BullionVault.

Gold Mining Stocks – 3 Reasons the Worst is Over
Gold Mining Stocks – 3 Reasons the Worst is Over

Silver futures for December sank 0.6% to $21.70 per ounce. Monday’s high for silver was $21.94, while the low was $21.61.

Metal funds declined in Monday trading.

  • The SPDR Gold Shares (GLD) dipped 0.1%.
  • The iShares Gold Trust (IAU) slid 0.1%.
  • The iShares Silver Trust (SLV) dropped 1%.

Mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 3.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) added 2.1%.
  • The Global X Silver Miners ETF (SIL) increased 1.9%.

Gold stocks improved strongly on Monday.

  • Agnico-Eagle Mines (AEM) gained 2%.
  • Barrick Gold (ABX) rose 1.6%.
  • Eldorado Gold (EGO) moved down 3.2%.
  • Goldcorp (GG) added 3%.
  • Kinross Gold (KGC) climbed 3.9%.
  • Newmont Mining (NEM) surged 5.2%.
  • NovaGold Resources (NG) moved up 3.8%.
  • Yamana Gold (AUY) gained 1.3%.

Silver mining shares advanced during the day.

  • Coeur d’Alene Mines (CDE) added 2.9%.
  • Hecla Mining (HL) was flat.
  • Pan American Silver (PAAS) increased 2%.
  • Silver Wheaton (SLW) edged up 0.3%.
  • Silver Standard Resources (SSRI) slid 1.3%.

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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