Gold Climbs as May Options Set to Expire

by Christopher Freeburn | April 25, 2013 4:22 pm

Gold Silver GLD IAU SLV[1]Traders rushing to purchase May gold futures options before they expired, coupled with rising international tensions around the Syrian regime’s purported use of chemical weapon, pushed gold up sharply in Thursday trading. A report from the International Monetary Fund also indicated strong gold purchasing by central banks last month.

Gold futures for May delivery surged 2.7% to $1,461.80 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,467.10 and as low as $1,427.50. Gold bullion closed in London at $1,467, according to BullionVault[3].

Silver futures for May delivery soared 5.7% to $24.14 per ounce. Thursday’s high for silver was $24.32, while the low was $23.02.

Gold and silver funds climbed in Thursday trading.

Gold and silver mining ETFs gained during the day.

Gold mining shares mostly mostly rose on Thursday.

Silver mining shares moved higher.

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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