Investors appeared to interpret the deal as a signal that the government would not reduce economic stimulus — in the form of the Federal Reserve’s monthly bond-buying — in the near-term. The U.S. dollar declined against other currencies.
Gold futures for December delivery jumped 3.2% to $1,323 per ounce on Thursday, according to CME Group. Gold traded as high as $1,324.20 and as low as $1,273.70. Bullion closed in London at $1,316, according to BullionVault.
Silver futures for December gained 2.7% to $21.95 per ounce. Thursday’s high for silver was $22.20, while the low was $21.10.
Metal funds climbed in Thursday trading.
- The SPDR Gold Shares (GLD) rose 3.2%.
- The iShares Gold Trust (IAU) added 3%.
- The iShares Silver Trust (SLV) gained 2.5%.
Mining ETFs jumped during the day.
- The Market Vectors Gold Miners ETF (GDX) increased 5.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) surged 5.7%.
- The Global X Silver Miners ETF (SIL) moved up 6.3%.
Gold mining shares advanced strongly on Thursday.
- Agnico-Eagle Mines (AEM) gained 6.1%.
- Barrick Gold (ABX) rose 4.9%.
- Eldorado Gold (EGO) soared 9.4%.
- Goldcorp (GG) increased 3.8%.
- Kinross Gold (KGC) moved up 3.6%.
- Newmont Mining (NEM) climbed 4.6%.
- NovaGold Resources (NG) surged 7.5%.
- Yamana Gold (AUY) added 2.6%.
Silver mining shares moved higher during the day.
- Coeur d’Alene Mines (CDE) rose 3.1%.
- Hecla Mining (HL) rose 2.9%.
- Pan American Silver (PAAS) climbed 5.2%.
- Silver Wheaton (SLW) added 4.6%.
- Silver Standard Resources (SSRI) jumped 6.5%.
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.