Gold jumped about 2% on Thursday after the Federal Reserve said it would launch a new round of quantitative easing, signaling to investors that the Fed is more concerned with spurring growth than keeping inflation low.
Gold futures for December delivery rose to $1,772.10 on Thursday, according to CME Group. Gold traded as high as $1,775 and as low as $1,720. Gold bullion closed in London at $1,767, according to BullionVault.
Silver futures climbed 4.5% to $34.78 per ounce. Thursday’s high for silver hit $34.87, while the low was $32.72.
Gold and silver funds posted strong gains on Thursday.
- The SPDR Gold Trust (NYSE:GLD) rose 2%.
- The iShares Gold Trust (NYSE:IAU) also was up 2%.
- The iShares Silver Trust (NYSE:SLV) gained 4.4%.
Gold and silver mining ETFs also cruised.
- The Market Vectors Gold Miners ETF (NYSE:GDX) jumped 5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 4.2%.
- The Global X Silver Miners ETF (NYSE:SIL) soared 7.5%.
Gold mining shares rose strongly for the day, with NovaGold Resources (AMEX:NG) leading the way.
- Agnico-Eagle Mines (NYSE:AEM) was up 3.8%
- Barrick Gold (NYSE:ABX) gained 4.8%.
- Eldorado Gold (NYSE:EGO) rose 4.4%.
- Goldcorp (NYSE:GG) jumped 5.5%.
- Kinross Gold (NYSE:KGC) moved up 3.6%.
- Newmont Mining (NYSE:NEM) increased 5.5%.
- NovaGold Resources leaped 7%.
- Yamana Gold (NYSE:AUY) closed up 6%
Silver mining shares also boldly marched north.
- Coeur d’Alene Mines (NYSE:CDE) rose 6.9%.
- Hecla Mining (NYSE:HL) jumped 7.4%.
- Pan American Silver (NASDAQ:PAAS) improved 5.5%.
- Silver Wheaton (NYSE:SLW) increased 5.7%.
- Silver Standard Resources (NASDAQ:SSRI) move up 5.6%.
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.