by Christopher Freeburn | April 24, 2014 4:47 pm
Gold rose modestly in heavy Thursday trading, posting a gain for the second straight session as Russia threatened new intervention in Ukraine. Russia’s latest threats came in response to military action taken by Kiev against pro-Russian militias in the country’s troubled eastern region. The U.S. has warned of harsher sanctions against Moscow if it violates Ukrainian sovereignty.
Yamana Gold (AUY) fell harder than other gold miners after Goldcorp (GG) announced that it would not increase its hostile bid for fellow Canadian miner Osisko Mining. AUY and Agnico Eagle Mines (AEM) have bid C$3.9 billion for Osisko. AUY dropped 3.2% on Thursday, while GG and AEM both slipped 0.7%.
Gold futures for June delivery climbed 0.6% to $1,290.60 per ounce on Thursday, according to CME Group. Gold prices were as high as $1,299 and as low as $1,268.40. Bullion closed in London at $1,295, according to BullionVault.
Silver futures for May delivery jumped 1.3% to settle at $19.69 per ounce. Thursday’s high for silver was $19.91, while the low was $18.93.
Here’s how metal-based funds and mining stocks fared on Thursday:
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.
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