Gold and Silver Climb Higher on Dollar Weakness
By Eric McWhinnie | March 20, 2012 6:08 AM EST
Both precious gained as the U.S. dollar (NYSE:UUP) declined against the euro for the third consecutive trading session. Marc Chandler, global head of currency strategy at Brown Brothers explained, “The fact that the euro held support near $1.30 is important. That is the bottom of the $1.30 to $1.35 trading range that has confined the euro through most of the first quarter. There is scope for the euro test the $1.325-$1.330 area in the days ahead.”
Don’t Miss: Should Investors Sweat Gold’s Losing Streak?
The U.S. dollar index continues to have trouble maintaining a price above 80. Last week, the index closed at 79.78, as consumer sentiment for March and industrial production data for February disappointed investors before the weekend.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) edged .15 percent higher, while the iShares Silver Trust (NYSEARCA:SLV) jumped 1.6 percent. Gold miners (NYSEARCA:GDX) as Goldcorp Inc. (NYSE:GG) traded .40 percent higher, while Newmont Mining (NYSE:NEM) traded flat. Silver miner (NYSEARCA:SIL) Hecla Mining (NYSE:HL) surged more than 3 percent. Silver Wheaton Corp. (NYSE:SLW) and Endeavour Silver (NYSE:EXK) both gained about .40 percent.
According to a Bloomberg survey on Friday, 13 out of 26 analysts expect gold prices to increase this week and four held a neutral stance, the lowest proportion in about two months. This comes a week after Commodity Futures Trading Commission data showed a 20 percent decrease in net long futures positions held by speculators.
Investor Insight: Silver Goes Green
If you would like to receive professional analysis on equity miners and other precious metal investments, we invite you to try our premium service free for 14 days.
To contact the reporter on this story: Eric McWhinnie at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org
Most Popular Slideshows
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
- 2014 US Open: Hottest Male Tennis Players To Watch [PHOTOS]
Join the Conversation
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase