Precious Metals Advance, but XAU Drops 2.0%

 
on December 03 2012 6:50 PM

Gold and silver futures maintained their gains Monday afternoon while the U.S. dollar remained in negative territory against a composite of the world’s most traded currencies.

COMEX gold for February delivery settled higher by $8.40, or 0.5%, at $1,721.10 per ounce. Silver futures for March delivery at the COMEX fared better than the yellow metal, as they climbed by $0.48, or 1.4%, to $33.76 per ounce.

Despite the strength in precious metals, most gold and silver stocks finished in the red alongside the broader equity markets. The Philadelphia Gold & Silver Index closed lower by 2.0% at 166.85 while the S&P 500 Index slid by 0.5% to 1,409.46.

(Rankings and analysis of every XAU component at GoldAlert Pro – http://pro.goldalert.com)

Among widely-traded gold mining stocks, Barrick Gold (ABX) fell by 2.4% to $33.70 per share while Kinross Gold (KGC) slipped 2.1% to $9.87 per share. Notable decliners in the silver stocks sector included Hecla Mining (HL) and Pan American Silver (PAAS), which retreated by 3.1% to $5.62 and 2.2% to $18.64 per share, respectively.

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