Gold Climbs on Spanish Austerity Budget

by Christopher Freeburn | September 27, 2012 5:17 pm

PreciousMetalsRecap Gold Climbs on Spanish Austerity Budget[1]Gold 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[2]. 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[3].

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.

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

Gold mining shares rose across the board on Thursday, with Agnico-Eagle Mines (NYSE:AEM[10]) posting the biggest gain.

Silver mining shares rose sharply in Thursday trading.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[3] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com/
  3. BullionVault: http://www.bullionvault.com/
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI

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