Gold jumped about 2% on Thursday after the Federal Reserve said it would launch a new round of quantitative easing, signaling to investors that the Fed is more concerned with spurring growth than keeping inflation low.
Gold futures for December delivery rose to $1,772.10 on Thursday, according to . Gold traded as high as $1,775 and as low as $1,720. Gold bullion closed in London at $1,767, according to .
Silver futures climbed 4.5% to $34.78 per ounce. Thursday’s high for silver hit $34.87, while the low was $32.72.
Gold and silver funds posted strong gains on Thursday.
- The SPDR Gold Trust (NYSE:) rose 2%.
- The iShares Gold Trust (NYSE:) also was up 2%.
- The iShares Silver Trust (NYSE:) gained 4.4%.
Gold and silver mining ETFs also cruised.
- The Market Vectors Gold Miners ETF (NYSE:) jumped 5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) increased 4.2%.
- The Global X Silver Miners ETF (NYSE:) soared 7.5%.
Gold mining shares rose strongly for the day, with NovaGold Resources
(AMEX:) leading the way.
- Agnico-Eagle Mines (NYSE:) was up 3.8%
- Barrick Gold (NYSE:) gained 4.8%.
- Eldorado Gold (NYSE:) rose 4.4%.
- Goldcorp (NYSE:) jumped 5.5%.
- Kinross Gold (NYSE:) moved up 3.6%.
- Newmont Mining (NYSE:) increased 5.5%.
- NovaGold Resources leaped 7%.
- Yamana Gold (NYSE:) closed up 6%
Silver mining shares also boldly marched north.
- Coeur d’Alene Mines (NYSE:) rose 6.9%.
- Hecla Mining (NYSE:) jumped 7.4%.
- Pan American Silver (NASDAQ:) improved 5.5%.
- Silver Wheaton (NYSE:) increased 5.7%.
- Silver Standard Resources (NASDAQ:) move up 5.6%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
