Investors also took note of a report that a leading Indian politician had asked the government to cut import duties on gold shipped to India.
Gold futures for February delivery surged 1.9% to $1,262.30 per ounce on Thursday, according to CME Group. Gold traded as high as $1,267 and as low as $1,230.80. Bullion closed in London at $1,260, according to BullionVault.
Silver futures for March delivery added 0.9%, to $20.01 per ounce. Thursday’s high for silver was $20.31, while the low was $19.65.
Metal funds advanced on Thursday.
- The SPDR Gold Shares (GLD) rose 2.2%.
- The iShares Gold Trust (IAU) gained 2.2%.
- The iShares Silver Trust (SLV) added 1.3%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX) climbed 2.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) increased 2.2%.
- The Global X Silver Miners ETF (SIL) rose 2.1%.
Gold stocks climbed on Thursday.
- Agnico-Eagle Mines (AEM) surged 7.1%.
- Barrick Gold (ABX) added 2.7%.
- Eldorado Gold (EGO) inched up 0.8%.
- Goldcorp (GG) gained 4%.
- Kinross Gold (KGC) moved up 2.2%.
- Newmont Mining (NEM) rose 3.2%.
- NovaGold Resources (NG) jumped 4.1%.
- Yamana Gold (AUY) increased 0.8%.
Silver mining shares moved higher during the day.
- Coeur d’Alene Mines (CDE) advanced 2%.
- Hecla Mining (HL) rose 0.9%.
- Pan American Silver (PAAS) climbed 2.2%.
- Silver Wheaton (SLW) added 1.7%.
- Silver Standard Resources (SSRI) gained 2%.
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.