Gold Jumps as Equities, U.S. Dollar Slump

by Christopher Freeburn | January 23, 2014 4:34 pm

Gold Silver GLD IAU SLV[1]Gold settled sharply higher in heavy trading on Thursday. The precious metal gained as U.S. stock markets sank and the U.S. dollar weakened against other currencies.

Investors also took note of a report that a leading Indian politician had asked the government to cut import duties on gold shipped to India.

Gold futures for February delivery surged 1.9% to $1,262.30 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,267 and as low as $1,230.80. Bullion closed in London at $1,260, according to BullionVault[3].

Silver futures for March delivery added 0.9%, to $20.01 per ounce. Thursday’s high for silver was $20.31, while the low was $19.65.

Metal funds advanced on Thursday.

Mining ETFs improved during the day.

Gold stocks climbed on Thursday.

Silver mining shares moved higher during the day.

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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