Gold gained for a fifth consecutive session after new Federal Reserve Chair Janet Yellen told congress that the Fed would continue to taper its monthly bond-buying, suggesting that the central bank anticipates future U.S. economic growth. Yellen’s comments also sent U.S. stock markets higher.
Yellen’s comments were delivered before the House Financial Services Committee. ÃÛÌÒ´«Ã½s were also bolstered during the day after Congressional Republicans dropped opposition to a “clean” bill to raise the U.S. debt limit, avoiding another potentially-crippling fiscal showdown with the White House.
Gold futures for April delivery jumped 1.2% to $1,289.80 per ounce on Tuesday, according to . Gold traded as high as $1,294.40 and as low as $1,273.50. Bullion closed in London at $1,292, according to .
Silver futures for March delivery inched up 0.2% to $20.15 per ounce. Tuesday’s high for silver was $20.29, while the low was $19.92.
Metal funds moved higher on Tuesday.
- The SPDR Gold Shares () added 1.2%.
- The iShares Gold Trust () increased 1.2%.
- The iShares Silver Trust () rose 0.8%.
Mining ETFs jumped during the day.
- The ÃÛÌÒ´«Ã½ Vectors Gold Miners ETF () gained 3.8%.
- The ÃÛÌÒ´«Ã½ Vectors Junior Gold Miners ETF () climbed 4.7%.
- The Global X Silver Miners ETF () surged 4.4%.
Gold stocks improved on Tuesday.
- Agnico-Eagle Mines () edged up 0.4%.
- Barrick Gold () added 1.5%.
- Eldorado Gold () advanced 3.4%.
- Goldcorp () gained 2.9%.
- Kinross Gold () surged 5.5%.
- Newmont Mining () rose 3.2%.
- NovaGold Resources () increased 3.7%.
- Yamana Gold () moved up 5.2%.
Silver mining shares soared during the day.
- Coeur d’Alene Mines () climbed 4.2%.
- Hecla Mining () rose 3.8%.
- Pan American Silver () added 3.9%.
- Silver Wheaton () gained 3.9%.
- Silver Standard Resources () increased 2.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
