A weaker-than-expected report on June home sales pushed the U.S. dollar down in Monday trading, boosting gold to its highest single-day gain in more than a year.
According to the National Association of Realtors, last month the seasonally adjusted sales pace for homes fell 1.2% to 5.08 million units. Economists had expected the annualized sales rate to rise to 5.28 million units.
Gold futures for August delivery jumped 3.3% to $1,336 per ounce Monday, according to . Gold traded as high as $1,339.10 and as low as $1,295.40. Gold bullion closed in London at $1,336, according to BullionVault.
Silver futures for August delivery soared 5.4% to $20.50 per ounce. Monday’s high for silver was $20.53, while the low was $19.76.
Gold and silver funds climbed in Monday trading.
- The SPDR Gold Trust () rose 3%.
- The iShares Gold Trust () advanced 3.1%.
- The iShares Silver Trust () improved 4.7%.
Gold and silver mining ETFs jumped during the day.
- The Market Vectors Gold Miners ETF () surged 6%.
- The Market Vectors Junior Gold Miners ETF () soared 8.9%.
- The Global X Silver Miners ETF () added 6%.
Gold mining shares advanced on Monday.
- Agnico-Eagle Mines () gained 5.4%.
- Barrick Gold () rose 6.2%.
- Eldorado Gold () jumped 9.5%.
- Goldcorp () increased 5.8%.
- Kinross Gold () climbed 8.6%.
- Newmont Mining () moved up 5.8%.
- NovaGold Resources () added 7.7%.
- Yamana Gold () grew 7.1%.
Silver mining shares gained strongly during the day.
- Coeur d’Alene Mines () increased 7.9%.
- Hecla Mining () rose 4.3%.
- Pan American Silver () improved 3.5%.
- Silver Wheaton () jumped 6.1%.
- Silver Standard Resources () surged 10.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
