Gold Rises on ECB Rate Cut

by Christopher Freeburn | May 2, 2013 4:56 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs sank during the day.

Gold mining shares mostly advanced on Thursday.

Silver mining shares were mixed.

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.

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