Rising physical demand for gold in China and India sent the metal sharply higher in Wednesday trading. Hong Kong reported that gold imports to China doubled to a record high in March. A separate report indicated that India’s gold purchases in May would exceed 100 metric tons for a second consecutive month.
Gold futures for June delivery climbed 1.7% to $1,473.70 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,475.80 and as low as $1,446.70. Gold bullion closed in London at $1,475, according to BullionVault.
Silver futures for June delivery rose 0.5% to $23.91 per ounce. Wednesday’s high for silver was $24, while the low was $23.64.
Gold and silver funds advanced in Wednesday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 1.5%.
- The iShares Gold Trust (NYSE:IAU) improved 1.6%.
- The iShares Silver Trust (NYSE:SLV) edged up 0.1%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) surged 5.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 5.3%.
- The Global X Silver Miners ETF (NYSE:SIL) added 2.6%.
Gold mining shares jumped on Wednesday.
- Agnico-Eagle Mines (NYSE:AEM) climbed 5.3%.
- Barrick Gold (NYSE:ABX) soared 8.4%.
- Eldorado Gold (NYSE:EGO) added 6.4%.
- Goldcorp (NYSE:GG) rose 6.4%.
- Kinross Gold (NYSE:KGC) surged 5.9%.
- Newmont Mining (NYSE:NEM) increased 4.5%.
- NovaGold Resources (AMEX:NG) advanced 6.8%.
- Yamana Gold (NYSE:AUY) improved 5.6%.
Silver mining shares gained.
- Coeur d’Alene Mines (NYSE:CDE) rose 4.3%.
- Hecla Mining (NYSE:HL) increased 4.9%.
- Pan American Silver (NASDAQ:PAAS) added 3.4%.
- Silver Wheaton (NYSE:SLW) increased 3.7%.
- Silver Standard Resources (NASDAQ:SSRI) climbed 4.5%.
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.