By Deborah Adamson, CBS.MarketWatch.com Last Update: 10:30 AM ET July 9, 2002
NEW YORK (CBS.MW) - Gold stocks were trading higher Tuesday morning in sync with the precious metal, which took its cue from a weaker dollar and continued malaise in the broader equity market.
The Philadelphia Gold & Silver Index ($XAU: news, chart, profile) rose 3.1 percent to 74.83 as did the CBOE Gold Index ($GOX: news, chart, profile), to 60.52. The Amex Gold Bugs Index (HUI: news, chart, profile) was up 3.4 percent to 130.85.
Gold for August delivery tacked on $2.20 to $314.70 an ounce. Comex gold inventories stood at 1.7 million ounces, unchanged.
September silver rose by 3.5 cents to $5.015 an ounce. Comex silver inventories added 348,000 ounces to stand at 106.5 million ounces.
"Gold continues to take its direction from (currency) and equity markets, both of which continue to look a little shaky," according to a report by UBS Warburg. "Silver looks set to trade higher in the near term barring any U.S. dollar strength or slump in gold."
The dollar fell vs. the yen and the euro, which hit a high of 99.40 U.S. cents earlier in the session. See story.
The Dow Jones Industrial Average ($INDU: news, chart, profile) fell by almost 20 points to 9,255.93. The Nasdaq Composite ($COMPQ: news, chart, profile) gave up more than 10 points or 0.7 percent to 1,395.34. The S&P 500 ($SPX: news, chart, profile) slid 6 points or 0.6 percent. Pressuring the market was a Merrill Lynch downgrade on the chip sector, the dollar's weakness and anxiety over President Bush's speech on Wall Street about corporate responsibility. See Market Snapshot.
Among the producers: Anglogold (AU: news, chart, profile) was up $1.10 to $27.80. Agnico-Eagle Mines (AEM: news, chart, profile) rose by 69 cents to $15.31. Barrick Gold (ABX: news, chart, profile) added 51 cents to $18.96.
Freeport McMoran Copper & Gold (FCX: news, chart, profile) rose by 63 cents to $18.10. Newmont Mining (NEM: news, chart, profile) added 84 cents to $27.75. Placer Dome (PDG: news, chart, profile) added 30 cents to $11.30.
Goldcorp (GG: news, chart, profile) rose by 40 cents to $10.30. Meridian Gold (MDG: news, chart, profile) tacked on 60 cents to $17.33. Harmony Gold (HGMCY: news, chart, profile) was up 93 cents to $15.71.
ASA Limited (ASA: news, chart, profile) added $1.27 to $34.01. Gold Fields (GFI: news, chart, profile) rose by 69 cents to $12.90. Glamis Gold (GLG: news, chart, profile) tacked on 52 cents to $9.31.
Hecla Mining (HL: news, chart, profile) was up 17 cents to $4.32. Coeur d'Alene Mines (CDE: news, chart, profile) rose by 6 cents to $1.85. Apex Silver (SIL: news, chart, profile) added 50 cents to $15.70. Pan American Silver (PAAS: news, chart, profile) was up 41 cents to $8.35. Silver Standard (SSRI: news, chart, profile) tacked on 32 cents to $6.42.
In other metals: September copper gave up 0.1 cent to 76.10 cents a pound. Comex copper stocks rose by 1,798 short tons to 358,922.
October platinum added $4.40 to stand at $518 an ounce while September palladium tacked on $4 to $327.
LHG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
