Gold Rises on ECB Comments

by Christopher Freeburn | December 6, 2012 4:49 pm

Gold Silver GLD IAU SLV[1]Gold gained in Thursday trading after the Mario Draghi, head of the European Central Bank, predicted that the eurozone’s economy would contract next year, prompting hope for new interest rate cuts. Investors also awaited tomorrow’s release of U.S. non-farm payroll numbers for November.

Gold futures for December delivery rose to $1,698.90 on Thursday, according to CME Group[2]. Gold traded as high as $1,702.10 and as low as $1,686.40. Gold bullion closed in London at $1,702, according to BullionVault[3].

Silver futures for December delivery increased to $32.99 per ounce. Thursday’s high for silver was $33.15, while the low was $32.55.

Gold and silver funds climbed Thursday trading.

Gold and silver mining ETFs advanced during the day.

Gold mining shares were mostly higher, with Agnico-Eagle Mines (NYSE:AEM[10]) rising the most.

Silver mining shares mostly moved lower on Thursday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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  2. CME Group:
  3. BullionVault:
  4. GLD:
  5. IAU:
  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. AEM:
  11. ABX:
  12. EGO:
  13. GG:
  14. KGC:
  15. NEM:
  16. NG:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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