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Gold Rises on Weaker Economic Data

Silver surged and miners mostly moved higher


Gold Silver GLD IAU SLVGold continued its climb in heavy trading on Tuesday after reports showed softer-than-expected factory output in the New York region and fading confidence among homebuilders.

The Federal Reserve Bank of New York’s manufacturing index came in at a reading of 4.48 for February, down from reading of 12.51 last month, and far below the reading of 9 forecast by economists. In a separate report, the National Association of Home Builders monthly sentiment index dropped from a reading of 56 in January to a reading of 46 in February, the largest monthly drop in its history. Weaker economic output could influence the Federal Reserve to slow the tapering of its monthly stimulus, boosting gold’s appeal.

Will Gold Become Worthless?
Will Gold Become Worthless?

Gold futures for April delivery increased 0.4% to $1,324.40 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,332.40 and as low as $1,312.30. Bullion closed in London at $1,324, according to BullionVault.

Silver futures for March delivery jumped 2.2% to $21.90 per ounce. Tuesday’s high for silver was $21.97, while the low was $21.32.

Metal funds gained on Tuesday.

  • The SPDR Gold Shares (GLD) edged up 0.2%.
  • The iShares Gold Trust (IAU) moved up 0.2%.
  • The iShares Silver Trust (SLV) increased 2.3%.

Mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 0.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1.4%.
  • The Global X Silver Miners ETF (SIL) climbed 1.2%.

Gold stocks mostly rose on Tuesday.

  • Agnico-Eagle Mines (AEM) slipped 0.2%.
  • Barrick Gold (ABX) inched up 0.1%.
  • Eldorado Gold (EGO) rose 1.5%.
  • Goldcorp (GG) moved up 0.4%.
  • Kinross Gold (KGC) fell 1%.
  • Newmont Mining (NEM) added 1.5%.
  • NovaGold Resources (NG) increased 2.5%.
  • Yamana Gold (AUY) dipped 0.4%.

Silver mining shares mostly advanced during the day.

  • Coeur d’Alene Mines (CDE) surged 6.8%.
  • Hecla Mining (HL) climbed 4%.
  • Pan American Silver (PAAS) gained 2.1%.
  • Silver Wheaton (SLW) added 1.5%.
  • Silver Standard Resources (SSRI) were flat.

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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