While investors continued to seek signals of when the Fed would start drawing down its monthly bond-buying, the metal benefited from traders looking to take advantage of Wednesday’s price decline.
Gold futures for August delivery gained 0.5% to $1,284.20 per ounce Thursday, according to CME Group. Gold traded as high as $1,287.90 and as low as $1,273.30. Gold bullion closed in London at $1,285, according to BullionVault.
Silver futures for August delivery dipped 0.2% to $19.38 per ounce. Thursday’s high for silver was $19.55, while the low was $19.28.
Gold and silver funds moved higher in Thursday trading.
- The SPDR Gold Trust (GLD) climbed 0.6%.
- The iShares Gold Trust (IAU) added 0.7%.
- The iShares Silver Trust (SLV) ticked up 0.2%.
Gold and silver mining ETFs dipped during the day.
- The Market Vectors Gold Miners ETF (GDX) slid 0.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) also fell 0.4%.
- The Global X Silver Miners ETF (SIL) declined 0.5%.
Gold mining shares were mixed on Thursday.
- Agnico-Eagle Mines (AEM) fell 3.3%.
- Barrick Gold (ABX) edged up 0.3%.
- Eldorado Gold (EGO) slipped 0.3%.
- Goldcorp (GG) fell 0.6%.
- Kinross Gold (KGC) dropped 1.2%.
- Newmont Mining (NEM) rose 0.1%.
- NovaGold Resources (NG) climbed 2.1%.
- Yamana Gold (AUY) added 0.8%.
Silver mining shares were also mixed during the day.
- Coeur d’Alene Mines (CDE) dipped 0.2%.
- Hecla Mining (HL) rose 1.2%.
- Pan American Silver (PAAS) advanced 0.2%.
- Silver Wheaton (SLW) dropped 1.5%.
- Silver Standard Resources (SSRI) climbed 0.9%.
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.