Gold Rises on ECB Comments

Gold and silver futures rose modestly, while miners were mixed

   

Gold Rises on ECB Comments

PreciousMetalsRecap Gold Rises on ECB CommentsGold gained in Thursday trading after the Mario Draghi, head of the European Central Bank, predicted that the eurozone’s economy would contract next year, prompting hope for new interest rate cuts. Investors also awaited tomorrow’s release of U.S. non-farm payroll numbers for November.

Gold futures for December delivery rose to $1,698.90 on Thursday, according to CME Group. Gold traded as high as $1,702.10 and as low as $1,686.40. Gold bullion closed in London at $1,702, according to BullionVault.

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Gold Juniors Ready to Shine

Silver futures for December delivery increased to $32.99 per ounce. Thursday’s high for silver was $33.15, while the low was $32.55.

Gold and silver funds climbed Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also rose 0.2%.
  • The iShares Silver Trust (NYSE:SLV) increased 0.4%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) improved 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved up 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dropped 0.5%.

Gold mining shares were mostly higher, with Agnico-Eagle Mines (NYSE:AEM) rising the most.

  • Agnico-Eagle Mines advanced 1.3%.
  • Barrick Gold (NYSE:ABX) edged up 0.1%.
  • Eldorado Gold (NYSE:EGO) rose 1.7%.
  • Goldcorp (NYSE:GG) dipped 0.4%.
  • Kinross Gold (NYSE:KGC) climbed 1.3%.
  • Newmont Mining (NYSE:NEM) added 0.8%.
  • NovaGold Resources (NYSE:NG) fell 0.5%.
  • Yamana Gold (NYSE:AUY) rose 0.1%.

Silver mining shares mostly moved lower on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) fell 0.6%.
  • Hecla Mining (NYSE:HL) rose 0.2%.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.1%.
  • Silver Wheaton (NYSE:SLW) slid 0.1%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 0.9%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2012/12/gold-rises-on-ecb-comments/.

©2014 InvestorPlace Media, LLC

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