Wednesday, October 6, 2010

Market Vectors (NYSEArca:GDX), SPDR (NYSEArca:GLD) Soar on Record Gold Prices

Gold prices pulled the entire gold sector up with them today, with Market Vectors Gold Miners ETF (NYSEArca:GDX) and SPDR Gold Trust (NYSEArca:GLD)breaking records themselves.

Gold settled Tuesday at $1,340.30 an ounce, skyrocketing by $23.50.

Market Vectors rose to an all-time high of $58.83, before closing at $57.25, gaining $1.71, or 3.08 percent on the day. SPDR ended the day at $130.99, rising $2.53, or 1.97 percent. Both were way above their daily trading volume.

The U.S. Dollar Index plummeted 0.9 percent to 77.75, the lowest level since the middle of March 2010.

Gold miners performing strongly included Yamana Gold (NYSE:AUY), which shot up by $0.45, to close at $11.73, gaining 3.99 percent. Harmony Gold Mining Co. Ltd. (NYSE:HMY) surged $0.60 to close at $11.84, an increase of 5.34 percent. Ivanhoe Mines Ltd (NYSE:IVN) also skyrocketed, closing the day at $24.46, gaining $1.12, or 4.80 percent.

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