ECB Comments Send Gold Soaring

by Christopher Freeburn | October 4, 2012 5:15 pm

Gold Silver GLD IAU SLV[1]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[2]. 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[3].

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.

Gold and silver mining ETFs posted solid gains during the day.

Gold mining shares moved sharply higher Thursday, with Kinross Gold (NYSE:KGC[10]) rising the most.

Silver mining shares sprinted 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.

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