Gold Rises on ECB Rate Cut

Silver also headed higher, while miners were a mixed lot

   

Gold Rises on ECB Rate Cut

PreciousMetalsRecap Gold Rises on ECB Rate CutAn 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.

11103054 gold bullion 200x200 Gold Rises on ECB Rate Cut
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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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/gold-rises-on-ecb-rate-cut/.

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