Comments from the head of the European Central Bank, indicating that it would continue buy bonds and keep interest rates low, sent gold soaring to an 11-month high on Thursday and moving it closer to $1,800 per ounce.
Gold futures for December delivery jumped to $1,796.50 on Thursday, according to CME Group. Gold traded as high as $1,797.70 and as low as $1,779.90. Gold bullion closed in London at $1,792, according to BullionVault.
Silver futures for December delivery also edged higher, closing up at $35.10 per ounce. Thursday’s high for silver was $35.17, while the low was $34.65.
Gold and silver funds moved up in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.7%.
- The iShares Gold Trust (NYSE:IAU) increased 0.8%.
- The iShares Silver Trust (NYSE:SLV) gained 1.3%.
Gold and silver mining ETFs posted solid gains during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 2.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) jumped 3.2%.
- The Global X Silver Miners ETF (NYSE:SIL) gained 3.5%.
Gold mining shares moved sharply higher Thursday, with Kinross Gold (NYSE:KGC) rising the most.
- Agnico-Eagle Mines (NYSE:AEM) increased 2.5%
- Barrick Gold (NYSE:ABX) rose 2.6%.
- Eldorado Gold moved up 1.9%.
- Goldcorp (NYSE:GG) climbed 2.4%.
- Kinross Gold jumped 6.2%.
- Newmont Mining (NYSE:NEM) rose 1.4%.
- NovaGold Resources (AMEX:NG) edged up 0.4%.
- Yamana Gold (NYSE:AUY) advanced 4.9%
Silver mining shares sprinted in Thursday trading.
- Coeur d’Alene Mines (NYSE:CDE) gained 4.1%.
- Hecla Mining (NYSE:HL) increased 3.9%.
- Pan American Silver (NASDAQ:PAAS) climbed 2.6%.
- Silver Wheaton (NYSE:SLW) leaped 5.1%.
- Silver Standard Resources (NASDAQ:SSRI) rose 4.9%.
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.