Gold Inches Higher on Rising Euro, Asia Demand

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Gold Silver GLD IAU SLVA 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.

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, https://investorplace.com/2013/03/gold-inches-higher-on-rising-euro-asia-demand/.

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