Gold Turns Higher on Bernanke, Greece (GLD, GG, KGC, SIVR, SLV, SVM, PAAS, HL)
Gold futures moved higher on Tuesday after falling earlier in the session as the dollar slid against the euro amid expectations that Greece would soon announce a deal with lawmakers to fight against its ongoing debt crisis.
Gold futures for April delivery rose $20.30, or 1.20%, to $1,744.90 an ounce on the Comex division of New York Mercantile Exchange, rebounding from session low of about $1,720. The dollar which compares the U.S. unit to a basket of six currencies, was at 78.55, compared with 79.064 late Monday. Silver futures also jumped about 2%.
Gold was earlier trading lower in the Asian trading, but it gained momentum as soon as reports about Greece came out, which pushed the dollar lower. Investors also cherished the U.S. Federal Reserve Chairman Ben Bernanke’s hearing in Congress.
On Monday, the yellow metal ended lower on strong dollar uncertainty in the euro zone region.
There have been reports that Greece is close to an agreement with lawmakers on additional austerity measures seen key for a deal with bondholders and any further aid from the international community.
SPDR Gold Trust (ETF) (NYSE:GLD) surged 2.42 (1.45%) to $169.60. Goldcorp Inc. (USA) (NYSE:GG) added 1.60% to $48.29, Kinross Gold Corporation (USA) (Public, NYSE:KGC) is trading higher by 0.45% to $11.20.
ETFS Silver Trust (NYSE:SIVR) climbed 1.56% to $33.90 and iShares Silver Trust (ETF) (NYSE:SLV) rose 1.70%.
Silvercorp Metals Inc. (USA) (NYSE:SVM) added 0.19 (2.36%) to $8.25. Pan American Silver Corp. (USA) (NASDAQ:PAAS) increased 1.70% to $24.20 and Hecla Mining Company (Public, NYSE:HL) rose marginally to $5.37.