Gold gained in Thursday trading after the European Union warned Cyprus that if it didn’t raise billions of euros needed for a bailout, aid to its banks could be cut and the country might be expelled from the eurozone. Earlier this week, the country’s legislature rejected a plan that would have seized a portion of private bank deposits to fund the bailout.
Gold futures for April delivery climbed 0.4% to $1,613.80 ounce on Thursday, according to CME Group. Gold traded as high as $1,616.50 and as low as $1,603.60. Gold bullion closed in London at $1,615, according to BullionVault.
Silver futures for April delivery rose 1.4% to $29.19 per ounce. Thursday’s high for silver was $29.26, while the low was $28.79.
Gold and silver funds improved in Thursday trading.
- The SPDR Gold Trust (NYSE:) rose 0.6%.
- The iShares Gold Trust (NYSE:) increased 0.5%.
- The iShares Silver Trust (NYSE:) advanced 1.3%.
Gold and silver mining ETFs also moved up during the day.
- The Market Vectors Gold Miners ETF (NYSE:) surged 2.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) improved 1.7%.
- The Global X Silver Miners ETF (NYSE:) gained 1.5%.
Gold mining shares posted gains on Thursday.
- Agnico-Eagle Mines (NYSE:) climbed 1.5%.
- Barrick Gold (NYSE:) rose 2.8%.
- Eldorado Gold (NYSE:) added 2.2%.
- Goldcorp (NYSE:) also gained 2.2%.
- Kinross Gold (NYSE:) rose 2.5%.
- Newmont Mining (NYSE:) increased 2.7%.
- NovaGold Resources (AMEX:) surged 3.9%.
- Yamana Gold (NYSE:) improved 2.9%.
Silver mining shares also moved higher.
- Coeur d’Alene Mines (NYSE:) gained 1.2%.
- Hecla Mining (NYSE:) rose 2.7%.
- Pan American Silver (NASDAQ:) soared 4.3%.
- Silver Wheaton (NYSE:) advanced 2.6%.
- Silver Standard Resources (NASDAQ:) surged 4.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
