An interest rate cut by the European Central Bank sent gold higher in Thursday trading. The ECB rate cut came as a new report showed a decline in eurozone manufacturing output in April, renewing worries over the Europe’s continued sluggish economy.
Gold futures for June delivery jumped 1.5% to $1,467.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,473.30 and as low as $1,448.10. Gold bullion closed in London at $1,469, according to BullionVault.
Silver futures for June delivery climbed 2.1% to $23.81 per ounce. Thursday’s high for silver was $24.15, while the low was $23.39.
Gold and silver funds gained in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.6%.
- The iShares Gold Trust (NYSE:IAU) added 0.6%.
- The iShares Silver Trust (NYSE:SLV) climbed 0.7%.
Gold and silver mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) slipped 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.2%.
- The Global X Silver Miners ETF (NYSE:SIL) dropped 0.4%.
Gold mining shares mostly advanced on Thursday.
- Agnico-Eagle Mines (NYSE:AEM) rose 1.4%.
- Barrick Gold (NYSE:ABX) gained 1.8%.
- Eldorado Gold (NYSE:EGO) climbed 1.2%.
- Goldcorp (NYSE:GG) dipped 0.7%.
- Kinross Gold (NYSE:KGC) fell 0.6%.
- Newmont Mining (NYSE:NEM) inched up 0.2%.
- NovaGold Resources (AMEX:NG) was flat.
- Yamana Gold (NYSE:AUY) surged 2.8%.
Silver mining shares were mixed.
- Coeur d’Alene Mines (NYSE:CDE) fell 0.3%.
- Hecla Mining (NYSE:HL) dropped 1.5%.
- Pan American Silver (NASDAQ:PAAS) gained 2.5%.
- Silver Wheaton (NYSE:SLW) rose 0.3%.
- Silver Standard Resources (NASDAQ:SSRI) slid 1.7%.
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.