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Gold Rises on ECB Rate Cut

Silver also headed higher, while miners were a mixed lot


Gold Silver GLD IAU SLVAn interest rate cut by the European Central Bank sent gold higher in Thursday trading. The ECB rate cut came as a new report showed a decline in eurozone manufacturing output in April, renewing worries over the Europe’s continued sluggish economy.

Gold futures for June delivery jumped 1.5% to $1,467.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,473.30 and as low as $1,448.10. Gold bullion closed in London at $1,469, according to BullionVault.

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Silver futures for June delivery climbed 2.1% to $23.81 per ounce. Thursday’s high for silver was $24.15, while the low was $23.39.

Gold and silver funds gained in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.6%.
  • The iShares Gold Trust (NYSE:IAU) added 0.6%.
  • The iShares Silver Trust (NYSE:SLV) climbed 0.7%.

Gold and silver mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slipped 0.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) dropped 0.4%.

Gold mining shares mostly advanced on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.4%.
  • Barrick Gold (NYSE:ABX) gained 1.8%.
  • Eldorado Gold (NYSE:EGO) climbed 1.2%.
  • Goldcorp (NYSE:GG) dipped 0.7%.
  • Kinross Gold (NYSE:KGC) fell 0.6%.
  • Newmont Mining (NYSE:NEM) inched up 0.2%.
  • NovaGold Resources (AMEX:NG) was flat.
  • Yamana Gold (NYSE:AUY) surged 2.8%.

Silver mining shares were mixed.

  • Coeur d’Alene Mines (NYSE:CDE) fell 0.3%.
  • Hecla Mining (NYSE:HL) dropped 1.5%.
  • Pan American Silver (NASDAQ:PAAS) gained 2.5%.
  • Silver Wheaton (NYSE:SLW) rose 0.3%.
  • Silver Standard Resources (NASDAQ:SSRI) slid 1.7%.

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.

Article printed from InvestorPlace Media,

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