Gold Climbs as Oil Hits Four-Month High

Gold Silver GLD IAU SLVGold climbed in Thursday trading as crude oil prices hit a four-month high on improved U.S. housing and unemployment data.

Gold futures for February delivery rose about 0.5% to $1,690.80 on Thursday, according to CME Group. Gold traded as high as $1,697.80 and as low as $1,666.40. Gold bullion closed in London at $1,690, according to BullionVault.

Silver futures for February delivery rose 0.8% to $31.78 per ounce. Thursday’s high for silver was $31.79, while the low was $31.15 an ounce.

Gold and silver funds gained in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also climbed 0.4%.
  • The iShares Silver Trust (NYSE:SLV) increased 0.7%.

Gold and silver mining ETFs mostly fell during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) declined 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 0.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 0.3%.

Gold mining shares were mostly lower, with NovaGold Resources (AMEX:NG) among the biggest declines.

  • Agnico-Eagle Mines (NYSE:AEM) slid 0.6%.
  • Barrick Gold (NYSE:ABX) dipped 0.2%.
  • Eldorado Gold (NYSE:EGO) moved down 0.9%.
  • Goldcorp (NYSE:GG) rose 0.1%.
  • Kinross Gold (NYSE:KGC) fell 1.4%.
  • Newmont Mining (NYSE:NEM) sank 0.7%.
  • NovaGold Resources tumbled 2.1%.
  • Yamana Gold (NYSE:AUY) slipped 0.7%.

Silver mining shares were mixed Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 1.5%.
  • Hecla Mining (NYSE:HL) fell 0.5%.
  • Pan American Silver (NASDAQ:PAAS) declined 0.7%.
  • Silver Wheaton (NYSE:SLW) rose 0.4%
  • Silver Standard Resources (NASDAQ:SSRI) dropped 0.5%.

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.

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