Gold and silver stocks rebounded in mid-day trading on Monday as the U.S. dollar turned lower against a composite of the world’s most traded currencies.
The Philadelphia Gold & Silver Index (XAU) – comprised of the world’s largest precious metals producers – fell as much as 1.1% to 158.22 this morning but later rose by 0.5% to 160.88. The U.S. Dollar Index (DXY) has traded in a relatively tight range thus far today, but dipped from an intra-day high of 82.720 to 82.4605.
Among gold shares, notable advancers included Barrick Gold (ABX) and Angico-Eagle Mines (AEM) – which climbed by 1.1% to $36.39 and by 1.0% to $46.76 per share. Pan American Silver (PAAS) and Silver Wheaton (SLW), two widely-traded silver stocks, jumped by 3.2% to $16.85 and by 2.0% to $32.55 per share.
The sector’s strength also coincided with a rally in COMEX gold and silver futures. Gold for December delivery – the most actively-traded contract – rose from an intra-day low of $1,611.80 to $1,624.50 per ounce. Silver for September delivery climbed from $27.88 this morning to as high as $28.64 per ounce.
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