Gold, Oil ETFs Rise as Dollar Drops

Gold and oil ETFs were in favor on Tuesday as gold prices surged to a new high and crude oil spiked up on the back of a weak dollar.
Author:
Publish date:

NEW YORK (

TheStreet

) -- 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

>To contact the writer of this article, click here:

Shanthi Venkataraman

.

>To follow the writer on Twitter, go to

http://twitter.com/shavenk

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.