Gold settled sharply higher in heavy trading on Thursday. The precious metal gained as U.S. stock markets sank and the U.S. dollar weakened against other currencies.
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.
