Gold and Silver Shine as the Dow Sinks 127 Points
On Wednesday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, jumped $15.00 to close at $1,392 per ounce, while silver (NYSEARCA:SLV) futures for July increased 15 cents to finish at $21.80.
Both precious metals climbed higher as volatility returns to the stock market. The Dow Jones Industrial Average sank more than 100 points to post its first three-day losing streak of the year. The S&P 500 declined nearly 1 percent as all major sectors in the index traded in the red.
After trading above 84.0 last month, the U.S. dollar index also declined for the third-consecutive day to reach as low as 80.75 — its worst level in four months. Meanwhile, the Japanese yen continues to gain strength against the greenback.
By the end of the trading day, the SPDR Gold Trust (NYSEARCA:GLD) increased 0.75 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained 0.53 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Yamana Gold (NYSE:AUY) jumped 1.6 percent and 2.9 percent, respectively. Shares of First Majestic Silver (NYSE:AG) increased 1.5 percent.
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Disclosure: Long EXK, AG, HL, PHYS