by Angela Nazworth | August 23, 2012 4:50 pm
Gold and silver prices soared Thursday amid yesterday’s release of Federal Reserve meeting minutes that hinted at additional stimulus action.
“The Fed’s tone is totally different in the minutes from previous comments,” Jinrui Futures analyst Chen Min told BullionVault. “That helped gold break into a higher price range ahead of the peak consumption season.”
Gold futures jumped 2% Thursday, with a final bid of $1,669.90 per ounce, according to CME Group data. Gold prices reached a high of $1,674.30 and a low of $1,651.80. Gold bullion traded 1.1% higher at $1,673 per ounce for Thursday’s session in London.
Silver futures soared 3% Thursday, with a final bid of $30.46 per ounce. Thursday’s high for silver reached $30.79, and the low was $30.07. Silver futures have risen to highs last seen back on May 2.
Gold and silver funds moved up Thursday.
Silver mining ETFs rose as well, though the Market Vectors Gold Miners ETF (NYSE:GDX) slipped.
Gold mining shares were mixed Thursday.
Silver mining shares were mixed Thursday, with Silver Standard Resources (NASDAQ:SSRI) surging.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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