Gold Closes Above $1,700 on Positive ECB News

by Angela Nazworth | September 6, 2012 5:08 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs showed rose significantly Thursday.

Most gold mining shares reported healthy wins.

Most silver mining shares also showed gains.

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.

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  2. CME Group data:
  3. according to BullionVault:
  4. GLD:
  5. IAU:
  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. AEM:
  11. ABX:
  12. EGO:
  13. GG:
  14. KGC:
  15. NEM:
  16. NG:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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