Gold Inches Higher on Rising Euro, Asia Demand

Gold edged up, silver sank and miners mostly gained

   

PreciousMetalsRecap Gold Inches Higher on Rising Euro, Asia DemandA stronger euro and signs of increased physical buying in Asia sent gold up slightly in Thursday trading. However, lower-than-expected first-time unemployment claims in the U.S. bolstered confidence in the American economy, undercutting the metal’s safe-haven appeal.

Gold futures for April delivery rose 0.1% to $1,590.70 per ounce on Thursday, according to CME Group. Gold traded as high as $1,592.20 and as low as $1,575.20. Gold bullion closed in London at $1,592, according to BullionVault.

11103054 gold bullion 200x200 Gold Inches Higher on Rising Euro, Asia Demand
Look to Gold if the Market Turns

Silver futures for April delivery fell 0.5% to $28.78 per ounce. Thursday’s high for silver was $28.92, while the low was $28.51.

Gold and silver funds were mixed in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) was flat.
  • The iShares Gold Trust (NYSE:IAU) gained 0.1%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.5%.

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

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 1.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) slipped 0.7%.

Gold mining shares mostly moved higher on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) increased 1.5%.
  • Barrick Gold (NYSE:ABX) gained 0.1%
  • Eldorado Gold (NYSE:EGO) advanced 0.8%.
  • Goldcorp (NYSE:GG) rose 0.7%.
  • Kinross Gold (NYSE:KGC) climbed 2.5%.
  • Newmont Mining (NYSE:NEM) gained 1.5%.
  • NovaGold Resources (AMEX:NG) edged up 0.3%.
  • Yamana Gold (NYSE:AUY) surged 2.3%.

Silver mining shares also mostly increased.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.8%.
  • Hecla Mining (NYSE:HL) fell 0.6%.
  • Pan American Silver (NASDAQ:PAAS) gained 0.5%.
  • Silver Wheaton (NYSE:SLW) improved 0.6%.
  • 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/2013/03/gold-inches-higher-on-rising-euro-asia-demand/.

©2014 InvestorPlace Media, LLC

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