A continuing slide in the value U.S. dollar against other currencies gave gold a boost on Tuesday, sending the metal up sharply as investors looked for investment alternatives to the declining greenback.
Gold futures for February climbed 2.2% to $1,261.10 per ounce on Tuesday, according to . Gold traded as high as $1,267.50 and as low as $1,237.40. Bullion closed in London at $1,266, according to .
Silver futures for March delivery surged 3.1%, rising to $20.32 per ounce. Tuesday’s high for silver was $20.43, while the low was $19.74.
Metal funds gained on Tuesday.
- The SPDR Gold Shares () added 1.8%.
- The iShares Gold Trust () also increased 1.8%.
- The iShares Silver Trust () rose 2.8%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF () jumped 3.7%.
- The Market Vectors Junior Gold Miners ETF () also advanced 3.7%.
- The Global X Silver Miners ETF () surged 4.2%.
Gold stocks vaulted higher on Tuesday.
- Agnico-Eagle Mines () climbed 5.7%.
- Barrick Gold () rose 5.4%.
- Eldorado Gold () added 4.4%.
- Goldcorp () increased 3.3%.
- Kinross Gold () improved 5.5%.
- Newmont Mining () gained 2.4%.
- NovaGold Resources () soared 6.1%.
- Yamana Gold () moved up 2.6%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines () jumped 5.9%.
- Hecla Mining () added 2.1%.
- Pan American Silver () climbed 5.2%.
- Silver Wheaton () gained 3.3%.
- Silver Standard Resources () surged 6.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
