Gold Recovers as Investors Look for Bargains

Gold Silver GLD IAU SLVBargain hunters sent gold higher in Thursday trading. The metal rebounded modestly after dropping sharply on Wednesday.

Gold futures for May delivery climbed 0.4% to $1,564.50 per ounce on Thursday, according to CME Group. Gold traded as high as $1,566.60 and as low as $1,553.10. Gold bullion closed in London at $1,563 according to BullionVault.

Silver futures for May delivery gained 0.2% to $27.70 per ounce. Thursday’s high for silver was $27.79, while the low was $27.34.

Gold and silver funds gained in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also climbed 0.2%.
  • The iShares Silver Trust (NYSE:SLV) inched up 0.1%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 1.3%.

Gold mining shares were mixed on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) advanced 0.3%.
  • Barrick Gold (NYSE:ABX) gained 1.1%.
  • Eldorado Gold (NYSE:EGO) fell 1.6%.
  • Goldcorp (NYSE:GG) dipped 1.1%.
  • Kinross Gold (NYSE:KGC) tumbled 3.1%.
  • Newmont Mining (NYSE:NEM) sank 0.9%.
  • NovaGold Resources (AMEX:NG) slid 2.6%.
  • Yamana Gold (NYSE:AUY) dropped 0.8%.

Silver mining shares mostly fell during the day.

  • Coeur d’Alene Mines (NYSE:CDE) declined 3.6%.
  • Hecla Mining (NYSE:HL) rose 2.6%.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.3%.
  • Silver Wheaton (NYSE:SLW) fell 1%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 3.7%.

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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