Gold and Silver Report – NovaGold Resources Gains as Gold Prices Rise

Gold prices edged higher for a second consecutive session on Tuesday, while U.S. equities markets retreated.

gold and silver NovaGold ResourcesOn a day with mixed movement for gold mining stocks, NovaGold Resources rose higher than rival miners. NovaGold Resources ended the session up more than 2%.

Gold futures for June delivery advanced 0.1% to $1,294.60 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,297.20 and as low as $1,286. Bullion closed in London at $1,296, according to BullionVault.

Silver futures for July delivery climbed 5 cents to $19.40 per ounce. Tuesday’s high for silver was $19.47, while the low was $19.23.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) increased 0.1%.
  • The iShares Gold Trust (IAU) gained 0.1%.
  • The iShares Silver Trust (SLV) rose 0.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) slipped 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 0.6%.
  • The Global X Silver Miners ETF (SIL) fell 0.9%.

Gold Miners

  • Agnico Eagle Mines (AEM) slid 1.2%.
  • Barrick Gold (ABX) rose 0.6%.
  • Eldorado Gold added 0.7%.
  • Goldcorp (GG) inched up 0.1%.
  • Kinross Gold (KGC) sank 0.8%.
  • Newmont Mining (NEM) climbed 1.2%.
  • NovaGold Resources gained 2.3%.
  • Yamana Gold (AUY) was flat.

Silver Miners

  • Coeur d’Alene Mines (CDE) fell 2.9%.
  • Hecla Mining (HL) sank 2.3%.
  • Pan American Silver (PAAS) rose 0.2%.
  • Silver Wheaton (SLW) declined 1.1%.
  • Silver Standard Resources (SSRI) slid 1.9%.

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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