Gold advanced in Wednesday’s trading on the heels of a budget agreement approved by the U.S. House of Representatives that preserved Bush-era tax cuts on the middle class and averted the worst effects of the fiscal cliff.
Gold futures for February delivery rose 0.8% to $1,688.80 on Wednesday, according to CME Group. Gold traded as high as $1,695.40 and as low as $1,670.90. Gold bullion closed in London at $1,668, according to BullionVault.
Silver futures for February delivery increased 2.5% % to $30.98 per ounce. Wednesday’s high for silver was $31.45, while the low was $30.22.
Gold and silver funds advanced in Wednesday trading.
- The SPDR Gold Trust (NYSE:) climbed 0.7%.
- The iShares Gold Trust (NYSE:) also rose 0.7%.
- The iShares Silver Trust (NYSE:) gained 1.9%.
Gold and silver mining ETFs also rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:) added 1.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) surged 3.6%.
- The Global X Silver Miners ETF (NYSE:) soared 3.5%.
Gold mining shares moved higher, with NovaGold Resources (AMEX:)
rising highest.
- Agnico-Eagle Mines (NYSE:) increased 1.7%.
- Barrick Gold (NYSE:) rose 1.5%.
- Eldorado Gold (NYSE:) soared 3%.
- Goldcorp (NYSE:) climbed 2.3%.
- Kinross Gold (NYSE:) gained 1.5%.
- Newmont Mining (NYSE:) advanced 1%.
- NovaGold Resources rocketed up 7.3%.
- Yamana Gold (NYSE:) moved up 0.7%.
Silver mining shares also gained on Wednesday.
- Coeur d’Alene Mines (NYSE:) rose 2.3%.
- Hecla Mining (NYSE:) surged 4.9%.
- Pan American Silver (NASDAQ:) gained 2.6%.
- Silver Wheaton (NYSE:) also increased 2.6%
- Silver Standard Resources (NASDAQ:) advanced 3.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
