Gold rose in Wednesday trading, spurred by weak demand at an Italian bond auction and dip in the sale of previously-owned U.S. homes. The metal’s gain snapped three straight sessions of declines.
Gold futures for May delivery climbed 0.7% to $1,606.60 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,608 and as low as $1,591.40. Gold bullion closed in London at $1,607, according to BullionVault.
Silver futures for May delivery slipped 0.2% to $28.61 per ounce. Wednesday’s high for silver was $28.79, while the low was $28.08.
Gold and silver funds mostly advanced in Wednesday trading.
- The SPDR Gold Trust (NYSE:) rose 0.4%.
- The iShares Gold Trust (NYSE:) gained 0.3%.
- The iShares Silver Trust (NYSE:) edged down 0.1%.
Gold and silver mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (NYSE:) climbed 1.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) increased 1.3%.
- The Global X Silver Miners ETF (NYSE:) advanced 0.9%.
Gold mining shares mostly moved higher on Wednesday.
- Agnico-Eagle Mines (NYSE:) gained 1.1%.
- Barrick Gold (NYSE:) rose 2%.
- Eldorado Gold (NYSE:) advanced 2.6%.
- Goldcorp (NYSE:) climbed 2.5%.
- Kinross Gold (NYSE:) increased 1.3%.
- Newmont Mining (NYSE:) added 1.7%.
- NovaGold Resources (AMEX:) dropped 1.5%.
- Yamana Gold (NYSE:) surged 2.2%.
Silver mining shares posted gains during the day.
- Coeur d’Alene Mines (NYSE:) rose .03%.
- Hecla Mining (NYSE:) jumped 2%.
- Pan American Silver (NASDAQ:) surged 2.2%.
- Silver Wheaton (NYSE:) climbed 1.4%.
- Silver Standard Resources (NASDAQ:) increased 1.2%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
