Gold and silver shares oscillated between gains and losses on Monday despite moderate weakness in precious metals. The Philadelphia Gold & Silver Index (XAU) traded in a relatively tight range between 156.11 and 158.37, and held near unchanged at 157.70 this afternoon.
Gold and silver equities in Canada did not trade, as the markets were closed in observance of Canada Day.
Notable advancers in the silver sector included First Majestic Silver (AG) and Silver Wheaton (SLW) – which added 1.0% to $14.60 and 0.3% to $26.92 per share, respectively.
COMEX gold futures settled lower by $6.50, or 0.4%, at $1,597.70 per ounce, while silver futures ended down by $0.11, or 0.4%, at $27.50 per ounce. Weakness in precious metals was fueled in part by a moderate rally in the U.S. dollar, which advanced 0.3% against a basket of the world’s most traded currencies.
Jeffrey Wright, managing director of metals and mining at Global Hunter Securities, commented that “I think today is just a consolidation of the euro gains – can they hold it, or does it slip – and that’s putting a little bit of pressure on gold as the U.S. dollar goes up a little bit.”