Precious metals settled modestly lower on Monday as the sector endured a bit of profit-taking following last Friday’s large rally.
Gold futures for August delivery – the most actively-traded contract on the COMEX – settled lower by $8.20, or 0.5%, at $1,613.90 per ounce. Later this afternoon, however, the yellow metal bounced back to $1,621.
Silver futures followed a similar path, falling to $27.97 per ounce earlier before climbing back to $28.23 in electronic trading.
As for precious metals equities, the Philadelphia Gold & Silver Index (XAU) dropped by 1.8% to 159.84 this morning. However, in afternoon trading the XAU turned higher by 0.8% to 164.08 as precious metals and the broader equity markets pared their losses.
Among large-cap gold producers, two of the top performers today were Newmont Mining (NEM) and Yamana Gold (AUY) – which rose by 1.4% to $51.00 per share and by 0.8% to $15.70 per share.
Pan American Silver (PAAS) and Silver Standard Resources (SSRI), two widely-trades silver stocks, advanced by 1.5% to $17.43 per share and by 0.6% to $11.66 per share.
One other gold stock worthy of attention was Golden Minerals (AUMN), which soared 37.0% to $5.08 per share despite there not being any press releases issued today by the Company.
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