A stronger euro and signs of increased physical buying in Asia sent gold up slightly in Thursday trading. However, lower-than-expected first-time unemployment claims in the U.S. bolstered confidence in the American economy, undercutting the metal’s safe-haven appeal.
Gold futures for April delivery rose 0.1% to $1,590.70 per ounce on Thursday, according to CME Group. Gold traded as high as $1,592.20 and as low as $1,575.20. Gold bullion closed in London at $1,592, according to BullionVault.
Silver futures for April delivery fell 0.5% to $28.78 per ounce. Thursday’s high for silver was $28.92, while the low was $28.51.
Gold and silver funds were mixed in Thursday trading.
- The SPDR Gold Trust (NYSE:) was flat.
- The iShares Gold Trust (NYSE:) gained 0.1%.
- The iShares Silver Trust (NYSE:) dipped 0.5%.
Gold and silver mining ETFs were also mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:) gained 1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) climbed 1.1%.
- The Global X Silver Miners ETF (NYSE:) slipped 0.7%.
Gold mining shares mostly moved higher on Thursday.
- Agnico-Eagle Mines (NYSE:) increased 1.5%.
- Barrick Gold (NYSE:) gained 0.1%
- Eldorado Gold (NYSE:) advanced 0.8%.
- Goldcorp (NYSE:) rose 0.7%.
- Kinross Gold (NYSE:) climbed 2.5%.
- Newmont Mining (NYSE:) gained 1.5%.
- NovaGold Resources (AMEX:) edged up 0.3%.
- Yamana Gold (NYSE:) surged 2.3%.
Silver mining shares also mostly increased.
- Coeur d’Alene Mines (NYSE:) rose 0.8%.
- Hecla Mining (NYSE:) fell 0.6%.
- Pan American Silver (NASDAQ:) gained 0.5%.
- Silver Wheaton (NYSE:) improved 0.6%.
- Silver Standard Resources (NASDAQ:) climbed 0.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
