Gold Rises Strongly on Draghi’s Remarks

Gold and silver both rose, and miners followed

   

PreciousMetalsRecap Gold Rises Strongly on Draghi's RemarksGold posted its biggest one-day gain in 2013 as ECB President Mario Drahgi left interest rates unchanged and had positive words regarding the economic outlook for Europe. The dollar also slid against the euro on Drahgi’s remarks, further boosting the metal.

Gold futures for February delivery rose over 1% to $1,674.5 on Thursday, according to CME Group. Gold traded as high as $1,678.80 and as low as $1,653.80. Gold bullion closed in London at $1,677, according to BullionVault.

Silver futures for February delivery rose 1.52% to $30.77 per ounce. Thursday’s high for silver was $30.91, while the low was $30.33.

Gold and silver funds were higher in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.9%.
  • The iShares Gold Trust (NYSE:IAU) rose 0.9%.
  • The iShares Silver Trust (NYSE:SLV) rose 1.5%.

Gold and silver mining ETFs were also up during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 2.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) rose 2.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 1.4%.

Gold mining shares went higher, with Yamana Gold (NYSE:AUY) gaining the most.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.6%.
  • Barrick Gold (NYSE:ABX) rose 2.7%.
  • Eldorado Gold (NYSE:EGO) rose 4.1%.
  • Goldcorp (NYSE:GG) rose 4.1%.
  • Kinross Gold (NYSE:KGC) rose 1.6%.
  • Newmont Mining (NYSE:NEM) rose 2.3%.
  • NovaGold Resources (AMEX:NG) rose 1%.
  • Yamana Gold rose 5.9%.

Silver mining shares mostly advanced on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 4.4%.
  • Hecla Mining (NYSE:HL) rose 3.2%.
  • Pan American Silver (NASDAQ:PAAS) rose 0.8%.
  • Silver Wheaton (NYSE:SLW) increased 3%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 7.6%.

As of this writing, Nate Wooley 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/2013/01/gold-rises-strongly-on-draghis-remarks/.

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