Gold, Oil ETFs Rise as Dollar Drops
NEW YORK (
) -- Gold and oil ETFs were in favor on Tuesday as gold prices surged to a new high and crude oil spiked on the back of a weak dollar.
Gold prices rose past $1300 and were climbing to $1307.70 an ounce, feeding the gold investing frenzy.
Market Vectors Gold Junior Miners ETF
(GDXJ) - Get Report
and
Market Vectors Gold Miners
(GDX) - Get Report
were up 1.3% and 1.1% respectively. The largest gold ETF
SPDR Gold Trust
(GLD) - Get Report
was gaining 0.7%.
The
United States Oil ETF
(USO) - Get Report
was gaining 1% as crude oil futures headed to $76.80 a barrel. Buying also picked up in ETFs investing in oil stocks such as the
Oil Services HOLDRS
(OIH) - Get Report
, higher by 0.8% ,
SPDR Oil and Gas Equipment Services
(XES) - Get Report
, up 0.6%, and the
SPDR Energy Sector ETF
(XLE) - Get Report
, up 0.4%.
Other notable ETFs in the gainers list included semiconductor ETFs
iShares North America Tech Semiconductors
(IGW)
, the
Retail HOLDRS
(RTH) - Get Report
, up 1.2% and
PowerShares Global Biotech ETF
(PBTQ)
up 1%.
-- Written by Shanthi Venkataraman in New York
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