Gold Rebounds on Lowered Corporate Outlook

GGold Silver GLD IAU SLVold prices recovered some of Friday’s losses on Monday as bargain hunters entered the market and construction equipment-maker Caterpillar (NYSE:) trimmed its profit outlook for the year, renewing concerns about the anemic U.S. economy.

Gold futures for December delivery edged higher to $1,726.30 on Monday, according to CME Group. Gold traded as high as $1,730.30 and as low as $1,714.40. Gold bullion closed in London at $1,731, according to BullionVault.

Silver futures for December delivery also closed up at $32.25 per ounce. Monday’s high for silver was $32.48, while the low was $31.70.

Gold and silver funds rose in Monday trading.

  • The SPDR Gold Trust (NYSE:) inched up 0.4%.
  • The iShares Gold Trust (NYSE:) also gained 0.4%.
  • The iShares Silver Trust (NYSE:) increased 1%.

Gold and silver mining ETFs were higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:) moved higher 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:) gained 1.6%.
  • The Global X Silver Miners ETF (NYSE:) climbed 2%.

Gold mining shares climbed on Monday, with

Agnico-Eagle Mines (NYSE:) advancing the most.

  • Agnico-Eagle Mines rose 1.8%.
  • Barrick Gold (NYSE:) gained 1.2%.
  • Eldorado Gold (NYSE:)  increased 1.3%.
  • Goldcorp (NYSE:) edged up 1%.
  • Kinross Gold (NYSE:) moved up 1.2%.
  • Newmont Mining (NYSE:) advanced 1.1%.
  • NovaGold Resources (AMEX:) climbed 1.6%.
  • Yamana Gold (NYSE:) added 0.9%.

Silver mining shares traded higher on Monday.

  • Coeur d’Alene Mines (NYSE:) surged 4.2%.
  • Hecla Mining (NYSE:) gained 2.5%.
  • Pan American Silver (NASDAQ:) rose 3.5%.
  • Silver Wheaton (NYSE:) advanced 3.1%.
  • Silver Standard Resources (NASDAQ:) inched up 0.4%.

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


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