A 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.