Gold reached a new intraday high of $1,642.10 early Tuesday, shooting higher after Commerce Department reports on June personal income and consumer spending came in slightly worse than expected.
Gold had moved up $5, to $1,625 per ounce, in Hong Kong trading overnight, then traded between $1,613 and $1,620 before the Commerce Department’s reports as market participants digested news of the United States’ deal to raise the national debt ceiling, as well as indications that global manufacturing and economic growth are slowing.
Tuesday’s London PM gold fix, at $1,637.75 per ounce, also is a nominal high. Spot silver was set at $39.73 and was trading at $40.18 Bid, $40.28 Ask early Tuesday.
Gold trusts were up over 1%, and the iShares Silver Trust was trading more than 2% higher.
- The SPDR Gold Trust (NYSE:GLD) was up 1.2%.
- The iShares Gold Trust (NYSE:IAU) was up 1.2%.
- The iShares Silver Trust (NYSE:SLV) was up more than 2.25%.
Gold and silver mining ETFs also were moving up nicely.
- The Market Vectors Gold Miners ETF (NYSE:GDX) was up nearly 1.75%.
- The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was up 2.7%.
- The Global X Silver Miners ETF (NYSE:SIL) was trading around 2.75% higher.
Shares of gold mining majors were up as well, with Agnico Gold Mines and NovaGold Resources gaining more than 2%.
- Agnico Eagle Mines (USA) (NYSE:AEM) was more than 2.5% higher.
- Barrick Gold Corp. (NYSE:ABX) was up 1.15%.
- Goldcorp (NYSE:GG) was around 1.3% higher.
- Newmont Mining Corp. (NYSE:NEM) was up more than 0.9%.
- NovaGold Resources (USA) (AMEX:NG) was up around 2.25%.
Silver mining shares were sharply higher for a second day running, with Hecla Mining gaining more than 4% in early Tuesday trading.
- Coeur D’Alene Mines Corp. (NYSE:CDE) was up 2.65%.
- Hecla Mining (NYSE:HL) was more than 4% higher.
- Pan American Silver Corp. (USA) (NASDAQ:PAAS) was more than 3.4% higher.
- Silver Wheaton Corp. (USA) (NYSE:SLW) was up more than 3.6%.
- Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up more than 3%.
The author does not hold positions in any of the above-mentioned investments.
