Gold rose modestly in Wednesday trading as lawmakers continued to negotiate an agreement to avert a historic U.S. default. The Treasury has said it will run out borrowing power on Thursday.
Senate leaders were in furious negotiations all morning and signaled during the afternoon that a deal had been reached, though no vote had yet been taken.
Gold futures for December delivery climbed 0.7% to $1,282.30 per ounce on Wednesday, according to . Gold traded as high as $1,289.20 and as low as $1,268.60. Bullion closed in London at $1,282, according to .
Silver futures for December moved up 0.8% to $21.37 per ounce. Wednesday’s high for silver was $21.45, while the low was $21.12.
Metal funds edged lower in Wednesday trading.
- The SPDR Gold Shares () slipped 0.2%.
- The iShares Gold Trust () also dipped 0.2%.
- The iShares Silver Trust () fell 0.2%.
Mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF () dropped 2.1%.
- The Market Vectors Junior Gold Miners ETF () sank 1.1%.
- The Global X Silver Miners ETF () slid 0.9%.
Gold mining shares pulled back on Wednesday.
- Agnico-Eagle Mines () dropped 3.1%.
- Barrick Gold () slid 0.8%.
- Eldorado Gold () fell 2.4%.
- Goldcorp () moved down 1.6%.
- Kinross Gold () slipped 2.1%.
- Newmont Mining () decreased 0.8%.
- NovaGold Resources () retreated 1.4%.
- Yamana Gold () declined 2%.
Silver mining shares fell during the day.
- Coeur d’Alene Mines () dipped 0.5%.
- Hecla Mining () inched up 0.2%.
- Pan American Silver () dropped 1%.
- Silver Wheaton () sank 0.9%.
- Silver Standard Resources () declined 1.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
