Gold advanced fractionally in Wednesday trading as renewed violence in Eastern Ukraine boosted the metal’s safe-haven appeal.
A deal between Yamana Gold () and Agnico-Eagle Mines () to acquire fellow Canadian miner Osisko Mining for $3.55 billion sent AUY and AEM stock down sharply. News of the deal — which has Osisko’s support — comes a week after GoldCorp () increased its hostile bid for Osisko. GG stock rose modestly during the day.
Gold futures for June delivery inched up 0.2% to $1,303.50 per ounce on Wednesday, according to . Gold prices were as high as $1,307.10 and as low as $1,293.50. Bullion closed in London at $1,304, according to .
Silver futures for May delivery rose 0.7% to settle at $19.63 per ounce. Wednesday’s high for silver was $19.81, while the low was $19.33.
Here’s how metal-based funds and mining stocks fared Wednesday:
Gold and Silver Funds
- The SPDR Gold Shares () rose 0.1%.
- The iShares Gold Trust () was flat.
- The iShares Silver Trust () added 0.2%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF () dropped 0.9%.
- The Market Vectors Junior Gold Miners ETF () slipped 0.4%.
- The Global X Silver Miners ETF () declined 1.3%.
Gold Miners
- AEM stock tumbled 8.6%.
- Barrick Gold () slid 1.2%.
- Eldorado Gold () sank 0.9%.
- Goldcorp rose 0.4%.
- Kinross Gold () rose 0.2%.
- Newmont Mining () fell 0.5%.
- NovaGold Resources () stock slipped 0.6%.
- AUY dropped 4.4%.
Silver Miners
- Coeur d’Alene Mines () retreated 1.7%.
- Hecla Mining () pulled back 1.9%.
- Pan American Silver () declined 1.5%.
- Silver Wheaton () faded 0.9%.
- Silver Standard Resources () also fell 0.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
