Gold and Silver Report: AUY Surges as Gold Prices Top $1,300

Gold prices climbed on Wednesday as U.S. equities retreated, and the metal settled back above $1,300 per ounce for the first time since May 6.

gold and silver AUYMost gold mining stocks posted gains for the day, but Yamana Gold (AUY) outpaced other miners during the session; AUY closed up more than 5%.

Gold futures for June delivery rose 0.9% to $1,305.90 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,309.20 and as low as $1,291.60. Bullion closed in London at $1,308, according to BullionVault.

Silver futures for July delivery jumped 1.2% to $19.78 per ounce. Wednesday’s high for silver was $20.01, while the low was $19.51.

Here’s how metal-based funds and mining stocks fared on Wednesday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) rose 1%.
  • The iShares Gold Trust (IAU) added 0.9%.
  • The iShares Silver Trust (SLV) moved up 1.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) climbed 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) gained 1.7%.
  • The Global X Silver Miners ETF (SIL) advanced 1.3%.

Gold Miners

  • Agnico Eagle Mines (AEM) increased 1%.
  • Barrick Gold Corporation (ABX) added 0.9%.
  • Eldorado Gold  gained 2.7%.
  • Goldcorp (GG) rose 1.7%.
  • Kinross Gold (KGC) fell 0.7%.
  • Newmont Mining (NEM) slipped 0.2%.
  • NovaGold (NG) climbed 2.3%.
  • AUY surged 5.5%.

Silver Miners

  • Coeur d’Alene Mines (CDE) fell 1%.
  • Hecla Mining (HL) were flat.
  • Pan American Silver (PAAS) added 1.5%.
  • Silver Wheaton (SLW) rose 0.6%.
  • Silver Standard Resources (SSRI) gained 3.2%.

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.

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