Gold Inches Higher on Weaker U.S. Dollar, Equities

by Christopher Freeburn | January 16, 2014 4:25 pm

Gold posted a slight gain in Thursday trading as equities markets stalled and the U.S. dollar softened against other currencies.

Gold futures for February delivery rose 0.2% to $1,240.20 per ounce on Thursday, according to CME Group[1]. Gold traded as high as $1,244.90 and as low as $1,235.80. Bullion closed in London at $1,244, according to BullionVault[2].

Silver futures for March delivery sank 0.4%, to $20.5 per ounce. Thursday’s high for silver was $20.25, while the low was $19.97.

Metal funds were mixed on Thursday.

• The SPDR Gold Shares (GLD[3]) added 0.1%.
• The iShares Gold Trust (IAU[4]) rose 0.2%.
• The iShares Silver Trust (SLV[5]) dipped 0.4%.

Mining ETFs improved during the day.

• The Market Vectors Gold Miners ETF (GDX[6]) increased 1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[7]) climbed 1.5%.
• The Global X Silver Miners ETF (SIL[8]) moved up 1.7%.

Gold stocks mostly climbed on Thursday.

• Agnico-Eagle Mines (AEM[9]) fell 1%.
• Barrick Gold (ABX[10]) rose 0.9%.
• Eldorado Gold (EGO[11]) jumped 3.6%.
• Goldcorp (GG[12]) added 0.6%.
• Kinross Gold (KGC[13]) increased 0.8%.
• Newmont Mining (NEM[14]) gained 1.6%.
• NovaGold Resources (NG[15]) moved up 0.4%.
• Yamana Gold (AUY[16]) improved 0.8%.

Silver mining shares mostly advanced during the day.

• Coeur d’Alene Mines (CDE[17]) dipped 0.5%.
• Hecla Mining (HL[18]) added 0.6%.
• Pan American Silver (PAAS[19]) rose 1%.
• Silver Wheaton (SLW[20]) increased 1.2%.
• Silver Standard Resources (SSRI[21]) moved up 1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

Source URL: https://investorplace.com/2014/01/gold-inches-higher-weaker-u-s-dollar-equities/

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