Precious metals extended their gains Tuesday morning, with gold and silver futures rising to fresh intra-day highs.
COMEX gold futures – per the December contract – surged $28.30, or 1.6%, to $1,786.30 per ounce, while silver futures for September delivery rallied $0.66, or 1.7%, to $39.965 per ounce as of 11:04am ET.
Strength in gold and silver came despite relatively tepid movements in the currency markets. In morning trading, the euro/U.S. dollar currency cross dipped 0.3% to 1.4401.
While precious metals advanced, shares of most gold and silver companies did not follow. Weakness in the broader equity markets helped keep a lid on the Philadelphia Gold & Silver Index (XAU), which held near unchanged at 212.34.
The Dow Jones Industrial Average (DJIA) slid 47.30 points, or 0.4%, to 11,435.60, while the CBOE Volatility Index (VIX) rose 1.1% to 32.22.
Among gold producers, Agnico-Eagle Mines (AEM) and Harmony Gold (HMY) fell 0.5% and 2.4%, respectively.
Notable silver companies moving lower included Coeur d’Alene Mines (CDE) and Silver Wheaton (SLW), by 0.9% and 0.8%, respectively.