Gold and silver were moving higher Monday morning as the latest U.S. housing data showed improving conditions, while eurozone debt problems and a rapid rise in crude oil prices has markets concerned about ongoing economic recovery.
Spot gold was up 0.1% around 10:30 a.m. Monday, having traded as high as $1,780.60 per ounce and as low as $1,766.90. The London afternoon reference price was fixed at $1,772, $6.50 per ounce lower than Friday’s afternoon reference price, according to .
Spot silver was showing a 0.45% gain, bid at $35.57 with an ask price of $35.67. The morning high as of time of writing was $35.75 and the low was $35.11. Monday’s reference price was set at $35.09 in the London a.m., 48 cents per ounce below Friday’s reference price.
The National Association of Realtor’s forward-looking rose 2% to 97.0 in January from a revised-lower 95.1 in December, and 8% above January 2011’s 89.8. That’s the highest level since April 2010’s 111.3, when buyers were looking to take advantage of an expiring federal tax credit, the NAR noted.
The cost of gold bullion in dollars was falling in London on Monday morning, trading around , 0.5% lower than Friday’s market close, according to BullionVault’s London Gold ÃÛÌÒ´«Ã½ report.
Gold bullion prices “are taking a breather,” Barclays Capital commented, “after rallying to levels last seen over three months ago.
“There is nothing to say that gold should directionally pull back,” David Wilson, Citigroup metals research and strategy director, was quoted as saying.
Gold and silver trusts were moving higher Monday morning.
- The SPDR Gold Trust (NYSE:) was up around 0.2%.
- The iShares Gold Trust (NYSE:) also was showing gains of around 0.2%.
- The iShares Silver Trust (NYSE:) was up around 0.55%.
The gold mining ETFs were showing small losses while the Global X Silver Miners ETF (NYSE:) was slightly higher.
- The ÃÛÌÒ´«Ã½ Vectors Gold Miners ETF (NYSE:) was flat to slightly down.
- The ÃÛÌÒ´«Ã½ Vectors Junior Gold Miners ETF (NYSE:) was showing losses of around 0.1%.
- The Global X Silver Miners ETF (NYSE:) was up around 0.1%.
Gold mining shares were mixed, with NovaGold Resources (AMEX:) falling sharply.
- Agnico-Eagle Mines (NYSE:) was showing losses of around 1.25%.
- Barrick Gold (NYSE:) was up around 0.4%.
- Eldorado Gold (NYSE:) was up around 0.65%.
- Goldcorp (NYSE:) was between 0.1% and 0.2% higher.
- Kinross Gold (NYSE:) was down around 0.2%.
- Newmont Mining (NYSE:) was down more than 0.5%.
- NovaGold Resources was down some 2.2%.
- Yamana Gold (NYSE:) was up around 0.45%.
Silver mining shares also were mixed.
- Coeur d’Alene Mines (NYSE:) was moving higher, up around 0.1%.
- Hecla Mining (NYSE:) was down around 2.75%.
- Pan American Silver (NASDAQ:) was showing losses of around 0.12%.
- Silver Wheaton (NYSE:) was up between 0.1% and 0.25%.
- Silver Standard Resources (NASDAQ:) was around 0.5% higher.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
