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Gold Jumps on Weaker U.S. Dollar

Silver bounced, while miners soared across the board


Gold Silver GLD IAU SLVA continuing slide in the value U.S. dollar against other currencies gave gold a boost on Tuesday, sending the metal up sharply as investors looked for investment alternatives to the declining greenback.

Gold futures for February climbed 2.2% to $1,261.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,267.50 and as low as $1,237.40. Bullion closed in London at $1,266, according to BullionVault.

GLD – Don’t Even Bother With Gold Right Now
GLD – Don’t Even Bother With Gold Right Now

Silver futures for March delivery surged 3.1%, rising to $20.32 per ounce. Tuesday’s high for silver was $20.43, while the low was $19.74.

Metal funds gained on Tuesday.

  • The SPDR Gold Shares (GLD) added 1.8%.
  • The iShares Gold Trust (IAU) also increased 1.8%.
  • The iShares Silver Trust (SLV) rose 2.8%.

Mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) jumped 3.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) also advanced 3.7%.
  • The Global X Silver Miners ETF (SIL) surged 4.2%.

Gold stocks vaulted higher on Tuesday.

  • Agnico-Eagle Mines (AEM) climbed 5.7%.
  • Barrick Gold (ABX) rose 5.4%.
  • Eldorado Gold (EGO) added 4.4%.
  • Goldcorp (GG) increased 3.3%.
  • Kinross Gold (KGC) improved 5.5%.
  • Newmont Mining (NEM) gained 2.4%.
  • NovaGold Resources (NG) soared 6.1%.
  • Yamana Gold (AUY) moved up 2.6%.

Silver mining shares advanced during the day.

  • Coeur d’Alene Mines (CDE) jumped 5.9%.
  • Hecla Mining (HL) added 2.1%.
  • Pan American Silver (PAAS) climbed 5.2%.
  • Silver Wheaton (SLW) gained 3.3%.
  • Silver Standard Resources (SSRI) surged 6.3%.

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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