Precious metals got a boost in Thursday trading, thanks to a detailed announcement from European Central Bank chief Mario Draghi about the ECB’s plans to buy unlimited amounts of eurozone government debt.
Gold futures traded 0.7% higher Thursday, with a final bid of $1,703.20 per ounce, according to . Gold prices reached a high of $1,713.80 and a low of $1,691.60. Gold bullion finished Thursday at $1,705 per ounce in London, .
Silver futures rose 1.1% Thursday, with a final bid of $32.63 per ounce. Thursday’s high for silver reached $32.99, and the low was $32.24.
“The [precious metals] market is optimistic about the ECB’s plan to rescue the region,” Wang Xiaoli, chief investment strategist at Chinese brokerage CITICS Futures, told Bloomberg News. “The Gold Price is getting a lift from the strength in the Euro.”
Gold and silver funds brought home gains Thursday.
- The SPDR Gold Trust (NYSE:) finished 0.4% higher.
- The iShares Gold Trust (NYSE:) was 0.3% higher.
- The iShares Silver Trust (NYSE:) climbed 1.3%.
Gold and silver mining ETFs showed rose significantly Thursday.
- The Market Vectors Gold Miners ETF (NYSE:) rose 2.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) sprouted 3.4%.
- The Global X Silver Miners ETF (NYSE:) dipped 1.9%.
Most gold mining shares reported healthy wins.
- Agnico-Eagle Mines (NYSE:) rose 1.3%.
- Barrick Gold (NYSE:) climbed 2.4%.
- Eldorado Gold (NYSE:) finished 1.7% higher.
- Goldcorp (NYSE:) jumped 3.1%.
- Kinross Gold (NYSE:) went up 3.3%
- Newmont Mining (NYSE:) finished 2.6% higher.
- NovaGold Resources (AMEX:) ticked up 0.4%
- Yamana Gold (NYSE:) rose 2%.
Most silver mining shares also showed gains.
- Coeur d’Alene Mines (NYSE:) rose 2.4%.
- Hecla Mining (NYSE:) climbed 1.7%.
- Pan American Silver (NASDAQ:) jumped 3.1%.
- Silver Wheaton (NYSE:) was 1.6% higher.
- Silver Standard Resources (NASDAQ:) dropped 0.1%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
