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Gold Closes Above $1,700 on Positive ECB News

Gold Silver GLD IAU SLVPrecious metals got a boost in Thursday trading, thanks to a detailed announcement from European Central Bank chief Mario Draghi about the ECB’s plans to buy unlimited amounts of eurozone government debt.

Gold futures traded 0.7% higher Thursday, with a final bid of $1,703.20 per ounce, according to CME Group data. Gold prices reached a high of $1,713.80 and a low of $1,691.60. Gold bullion finished Thursday at $1,705 per ounce in London, according to BullionVault.

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Silver futures rose 1.1% Thursday, with a final bid of $32.63 per ounce. Thursday’s high for silver reached $32.99, and the low was $32.24.

“The [precious metals] market is optimistic about the ECB’s plan to rescue the region,” Wang Xiaoli, chief investment strategist at Chinese brokerage CITICS Futures, told Bloomberg News. “The Gold Price is getting a lift from the strength in the Euro.”

Gold and silver funds brought home gains Thursday.

  • The SPDR Gold Trust (NYSE:GLD) finished 0.4% higher.
  • The iShares Gold Trust (NYSE:IAU) was 0.3% higher.
  • The iShares Silver Trust (NYSE:SLV) climbed 1.3%.

Gold and silver mining ETFs showed rose significantly Thursday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sprouted 3.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 1.9%.

Most gold mining shares reported healthy wins.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.3%.
  • Barrick Gold (NYSE:ABX) climbed 2.4%.
  • Eldorado Gold (NYSE:EGO) finished 1.7% higher.
  • Goldcorp (NYSE:GG) jumped 3.1%.
  • Kinross Gold (NYSE:KGC) went up 3.3%
  • Newmont Mining (NYSE:NEM) finished 2.6% higher.
  • NovaGold Resources (AMEX:NG) ticked up 0.4%
  • Yamana Gold (NYSE:AUY) rose 2%.

Most silver mining shares also showed gains.

  • Coeur d’Alene Mines (NYSE:CDE) rose 2.4%.
  • Hecla Mining (NYSE:HL) climbed 1.7%.
  • Pan American Silver (NASDAQ:PAAS) jumped 3.1%.
  • Silver Wheaton (NYSE:SLW) was 1.6% higher.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 0.1%.

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.

Article printed from InvestorPlace Media, https://investorplace.com/2012/09/gold-closes-above-1700-on-positive-ecb-news/.

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