Gold advanced Thursday on rising investor confidence that the election of President Obama will mean a continuation of current federal efforts to stimulate the U.S. economy.
Gold futures for December delivery rose to $1,726 on Thursday, according to CME Group. Gold traded as high as $1,730.50 and as low as $1,712.60. Gold bullion closed in London at $1,735, according to BullionVault.
Silver futures for December delivery also gained, closing up at $32.24 per ounce. Thursday’s high for silver was $32.29, while the low was $31.63.
Gold and silver funds advanced in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD) rose 0.9%.
- The iShares Gold Trust (NYSE:IAU) increased 1%.
- The iShares Silver Trust (NYSE:SLV) gained 1.8%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) moved up 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) improved 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL) dipped 0.2%.
Gold mining shares were mostly higher on Thursday, with Kinross Gold (NYSE:KGC) jumping ahead of the pack.
- Agnico-Eagle Mines (NYSE:AEM) gained 1.1%.
- Barrick Gold (NYSE:ABX) rose 0.7%.
- Eldorado Gold (NYSE:EGO) increased 2.4%.
- Goldcorp (NYSE:GG) advanced 0.5%.
- Kinross Gold surged 8%.
- Newmont Mining (NYSE:NEM) moved up 0.1%.
- NovaGold Resources (NYSE:NG) dipped 0.2%.
- Yamana Gold (NYSE:AUY) climbed 1.3%.
Silver mining shares were mixed on Thursday.
- Coeur d’Alene Mines (NYSE:CDE) dropped 2%.
- Hecla Mining (NYSE:HL) gained 2.5%.
- Pan American Silver (NASDAQ:PAAS) plunged 5%.
- Silver Wheaton (NYSE:SLW) climbed 1.2%.
- Silver Standard Resources (NASDAQ:SSRI) increased 1.6%.
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.
