Gold Rises on ECB Rate Cut
by Christopher Freeburn | May 2, 2013 4:56 pm
[1]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[2]. 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[3].
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[4]) rose 0.6%.
- The iShares Gold Trust (NYSE:IAU[5]) added 0.6%.
- The iShares Silver Trust (NYSE:SLV[6]) climbed 0.7%.
Gold and silver mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) slipped 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 0.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dropped 0.4%.
Gold mining shares mostly advanced on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) rose 1.4%.
- Barrick Gold (NYSE:ABX[11]) gained 1.8%.
- Eldorado Gold (NYSE:EGO[12]) climbed 1.2%.
- Goldcorp (NYSE:GG[13]) dipped 0.7%.
- Kinross Gold (NYSE:KGC[14]) fell 0.6%.
- Newmont Mining (NYSE:NEM[15]) inched up 0.2%.
- NovaGold Resources (AMEX:NG[16]) was flat.
- Yamana Gold (NYSE:AUY[17]) surged 2.8%.
Silver mining shares were mixed.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 0.3%.
- Hecla Mining (NYSE:HL[19]) dropped 1.5%.
- Pan American Silver (NASDAQ:PAAS[20]) gained 2.5%.
- Silver Wheaton (NYSE:SLW[21]) rose 0.3%.
- Silver Standard Resources (NASDAQ:SSRI[22]) slid 1.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://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/2013/05/gold-rises-on-ecb-rate-cut/