Gold Climbs on Spanish Austerity Budget

Miners also jump in Thursday trading

   

Gold Climbs on Spanish Austerity Budget

PreciousMetalsRecap Gold Climbs on Spanish Austerity BudgetGold jumped 1.5% on Thursday, its strongest gain in two weeks, to finish at a six-month high as investors sought security in the face of renewed worries about Spain, which unveiled an austerity budget in the face of recent protests and raising fears that it might need more economic help.

Gold futures for December delivery rose to $1,780.50 on Thursday, according to CME Group. Gold traded as high as $1,782.90 and as low as $1,753.20. Gold bullion closed in London at $1,780, according to BullionVault.

gold bars Gold Climbs on Spanish Austerity Budget
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Silver futures for December delivery also slipped, closing down at $34.66 per ounce. Thursday’s high for silver was $34.815, while the low was $33.90.

Gold and silver funds moved higher in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) climbed 1.5%.
  • The iShares Gold Trust (NYSE:IAU) also rose 1.5%.
  • The iShares Silver Trust (NYSE:SLV) improved 2.2%.

Gold and silver mining ETFs also posted strong gains during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 2.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) jumped 5.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 4%.

Gold mining shares rose across the board on Thursday, with Agnico-Eagle Mines (NYSE:AEM) posting the biggest gain.

  • Agnico-Eagle Mines moved up 3.8%
  • Barrick Gold (NYSE:ABX) rose 2.2%.
  • Eldorado Gold (NYSE:EGO) climbed 3.1%.
  • Goldcorp (NYSE:GG) also increased 3.1%.
  • Kinross Gold (NYSE:KGC) gained 3.7%.
  • Newmont Mining (NYSE:NEM) moved higher 2.3%.
  • NovaGold Resources (AMEX:NG) edged up 1.6%.
  • Yamana Gold (NYSE:AUY) improved 3.2%

Silver mining shares rose sharply in Thursday trading.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 4.8%.
  • Hecla Mining (NYSE:HL) jumped 6.1%.
  • Pan American Silver (NASDAQ:PAAS) rose 3.7%.
  • Silver Wheaton (NYSE:SLW) gained 4.7%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 5.1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/gold-climbs-on-spanish-austerity-budget/.

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