Precious metals prices were rising Tuesday as the greenback weakened against the major European currencies.
Benchmark contracts for gold bullion were tacking on $3.90 at $680.50 an ounce, while silver was up 17 cents at $13.07 an ounce, in recent New York futures market activity.
The exchange-traded funds that own hold bars of bullion were also climbing. The
streetTracks Gold Shares
was up 0.3% and the
iShares Silver Trust
was better by 1%.
Euros were trading for $1.3706, up from $1.3694 late Monday. The British pound was selling for $2.0314, up from $2.0251 a day earlier. The dollar was gaining against the yen.
The prices of dollar-denominated assets, such as precious metals, tend to move higher as the value of the U.S. currency declines.
Turning to the mining patch,
( MDG) said its board of directors had unanimously rejected the unsolicited takeover offer from
, which was first proposed last month.
The announcement helped boost Meridian 2%. Yamana was rising 1%.
As for base metals, copper prices were rallying 6 cents at $3.65 a pound.
Elsewhere, Canadian miner
reported a drop in earnings during the second quarter. The company cited declining sales of copper and falling coal prices as reasons for the shortfall.
CIBC World Markets upped its rating on uranium miner
to sector outperform from sector perform, helping lift the shares 3% in early action.