Gold futures about traded 0.3% higher Thursday, with a final bid of $1,617.40 per ounce, according to CME Group data. Gold prices reached a high of $1,618 and a low of $1,609.80. Gold bullion finished at $1,6117 per ounce for Thursday’s trading session in London, according to BullionVault.
“Gold seems to have gotten a foothold above the $1,600 level and seems to be relatively stable,” Societe Generale’s Robin Bhar told BullionVault.
Silver futures were flat Thursday for a second day in a row, with a final bid of $28.09 per ounce. Thursday’s high for silver reached $28.19, and the low was $27.99. “Like gold, silver is showing no trend momentum,” technical analysts at bullion bank Scotia Mocatta said.
Gold and silver trusts edged higher Thursday.
- The SPDR Gold Trust (NYSE:GLD) was up 0.4%.
- The iShares Gold Trust (NYSE:IAU) was 0.4% higher.
- The iShares Silver Trust (NYSE:SLV) gained 0.3%.
Gold and silver mining ETFs also showed higher results.
- The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 2.5% higher.
- The Global X Silver Miners ETF (NYSE:SIL) rose 1.6%.
Some gold mining shares brought in healthy gains Thursday, with NovaGold Resources (AMEX:NG) leading the way. Despite reporting less-than-stellar second-quarter earnings after the bell yesterday, shares of both Kinross Gold (NYSE:KGC) and Yamana Gold (NYSE:AUY) finished strong today.
- Agnico-Eagle Mines (NYSE:AEM) was up 0.3%.
- Barrick Gold (NYSE:ABX) finished 1.1% higher.
- Eldorado Gold (NYSE:EGO) climbed 1.9%.
- Goldcorp (NYSE:GG) rose 1.1%.
- Kinross Gold was 2.9% higher.
- Newmont Mining (NYSE:NEM) finished 0.6% higher.
- NovaGold Resources gained 4.5%.
- Yamana Gold finished up 2.1%.
Silver mining shares also finished on a high Thursday, with Coeur d’Alene Mines (NYSE:CDE) leading the pack.
- Coeur d’Alene Mines jumped 3.9%.
- Hecla Mining (NYSE:HL) climbed 2.2%.
- Pan American Silver (NASDAQ:PAAS) was 2% higher.
- Silver Wheaton (NYSE:SLW) rose 2%.
- Silver Standard Resources (NASDAQ:SSRI) spiked 3%.
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.