Gold Rises Strongly on Draghi’s Remarks

by Nate Wooley | January 10, 2013 5:03 pm

Gold Silver GLD IAU SLV[1]Gold posted its biggest one-day gain in 2013 as ECB President Mario Drahgi left interest rates unchanged and had positive words regarding the economic outlook for Europe. The dollar also slid against the euro on Drahgi’s remarks, further boosting the metal.

Gold futures for February delivery rose over 1% to $1,674.5 on Thursday, according to CME Group[2]. Gold traded as high as $1,678.80 and as low as $1,653.80. Gold bullion closed in London at $1,677, according to BullionVault[3].

Silver futures for February delivery rose 1.52% to $30.77 per ounce. Thursday’s high for silver was $30.91, while the low was $30.33.

Gold and silver funds were higher in Thursday trading.

Gold and silver mining ETFs were also up during the day.

Gold mining shares went higher, with Yamana Gold (NYSE:AUY[10]) gaining the most.

Silver mining shares mostly advanced on Thursday.

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

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