by Christopher Freeburn | January 2, 2014 4:43 pm
Gold climbed sharply Thursday, the first trading session after the metal closed out 2013 with a loss of 28%, its biggest annual decline in 32 years. The metal rebounded on reports of Asian buyers looking for bargains on physical gold ahead of the upcoming Chinese holidays.
Gold futures for February delivery rose 1.9% to $1,225.20 per ounce on Thursday, according to CME Group. Gold traded as high as $1,230.80 and as low as $1,202.50. Bullion closed in London at $1,226, according to BullionVault.
Silver futures for March delivery jumped 3.9%, to $20.13 per ounce. Thursday’s high for silver was $20.44, while the low was $19.43.
Metal funds gained on Thursday.
Mining ETFs soared during the day.
Gold stocks climbed on Monday.
Silver mining shares jumped during the day.
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.
Source URL: https://investorplace.com/2014/01/gold-surges-posting-steep-annual-drop/
Short URL: http://invstplc.com/1ft0tC5
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.