Market Overview

Gold Futures Over $1,300 Give Mining Stocks A Boost

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December gold futures are trading higher by $17.90 at $1,315.80 in Monday's after-hours session. After flirting with a breakout over the psychological $1,300 level over the last seven sessions, they have finally cleared that hurdle. They are now trading at their highest level since Nov. 4, when they peaked at $1,326.30 and ended the session at $1,322.50.

December gold futures have taken the SPDR Gold Trust (ETF) (NYSE: GLD) along for the ride; the ETF is trading higher by $1.74 at $124.48. That puts the ETF in the area it was the same day gold peaked during the Nov. 4 session, at $124.40, and well above the close from that day of $124.04. Also, Newmont Mining Corp (NYSE: NEM) shares were seen trading higher by $1.15 at $38.14 Monday. Earlier in the session, shares peaked at $38.91, just shy of its Oct. 3 high of $39.33.

Conversely, ETFs that are bearish on the bullion are deep in the red. At this time, the Dx Jr. Gold Miners Bear 3x Index (NYSE: JDST) shares are lower by $5.60 at $52.21 and the Dx Daily Gold Miners Index 3x BR (NYSE: DUST) is lower by $2.20 at $23.00. While DUST has made a new low for 2017, JDST still is trading above its 2017 low from Feb. 8 at $47.00.

Posted-In: December gold futuresFutures Technicals Commodities Intraday Update Markets Movers Trading Ideas

 

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