Gold Closes Above $1,700 on Positive ECB News
by Angela Nazworth | September 6, 2012 5:08 pm
[1]Precious metals got a boost in Thursday trading, thanks to a detailed announcement from European Central Bank chief Mario Draghi about the ECB’s plans to buy unlimited amounts of eurozone government debt.
Gold futures traded 0.7% higher Thursday, with a final bid of $1,703.20 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,713.80 and a low of $1,691.60. Gold bullion finished Thursday at $1,705 per ounce in London, according to BullionVault[3].
Silver futures rose 1.1% Thursday, with a final bid of $32.63 per ounce. Thursday’s high for silver reached $32.99, and the low was $32.24.
“The [precious metals] market is optimistic about the ECB’s plan to rescue the region,” Wang Xiaoli, chief investment strategist at Chinese brokerage CITICS Futures, told Bloomberg News. “The Gold Price is getting a lift from the strength in the Euro.”
Gold and silver funds brought home gains Thursday.
- The SPDR Gold Trust (NYSE:GLD[4]) finished 0.4% higher.
- The iShares Gold Trust (NYSE:IAU[5]) was 0.3% higher.
- The iShares Silver Trust (NYSE:SLV[6]) climbed 1.3%.
Gold and silver mining ETFs showed rose significantly Thursday.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 2.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) sprouted 3.4%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 1.9%.
Most gold mining shares reported healthy wins.
- Agnico-Eagle Mines (NYSE:AEM[10]) rose 1.3%.
- Barrick Gold (NYSE:ABX[11]) climbed 2.4%.
- Eldorado Gold (NYSE:EGO[12]) finished 1.7% higher.
- Goldcorp (NYSE:GG[13]) jumped 3.1%.
- Kinross Gold (NYSE:KGC[14]) went up 3.3%
- Newmont Mining (NYSE:NEM[15]) finished 2.6% higher.
- NovaGold Resources (AMEX:NG[16]) ticked up 0.4%
- Yamana Gold (NYSE:AUY[17]) rose 2%.
Most silver mining shares also showed gains.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 2.4%.
- Hecla Mining (NYSE:HL[19]) climbed 1.7%.
- Pan American Silver (NASDAQ:PAAS[20]) jumped 3.1%.
- Silver Wheaton (NYSE:SLW[21]) was 1.6% higher.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 0.1%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
- according to BullionVault: http://www.bullionvault.com/
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com
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