Gold Inches Higher on Rising Euro, Asia Demand
by Christopher Freeburn | March 14, 2013 4:30 pm
[1]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[2] 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[3]. 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[4].
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[5]) was flat.
- The iShares Gold Trust (NYSE:IAU[6]) gained 0.1%.
- The iShares Silver Trust (NYSE:SLV[7]) dipped 0.5%.
Gold and silver mining ETFs were also mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) gained 1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) climbed 1.1%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) slipped 0.7%.
Gold mining shares mostly moved higher on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 1.5%.
- Barrick Gold (NYSE:ABX[12]) gained 0.1%
- Eldorado Gold (NYSE:EGO[13]) advanced 0.8%.
- Goldcorp (NYSE:GG[14]) rose 0.7%.
- Kinross Gold (NYSE:KGC[15]) climbed 2.5%.
- Newmont Mining (NYSE:NEM[16]) gained 1.5%.
- NovaGold Resources (AMEX:NG[17]) edged up 0.3%.
- Yamana Gold (NYSE:AUY[18]) surged 2.3%.
Silver mining shares also mostly increased.
- Coeur d’Alene Mines (NYSE:CDE[19]) rose 0.8%.
- Hecla Mining (NYSE:HL[20]) fell 0.6%.
- Pan American Silver (NASDAQ:PAAS[21]) gained 0.5%.
- Silver Wheaton (NYSE:SLW[22]) improved 0.6%.
- Silver Standard Resources (NASDAQ:SSRI[23]) climbed 0.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- first-time unemployment claims: https://investorplace.com/2013/03/unemployment-claims-hit-5-year-low/
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/03/gold-inches-higher-on-rising-euro-asia-demand/