Gold and Silver Climb Higher on Euro Comments

On Monday, gold (NYSEARCA:GLD) futures for August delivery gained $10.20 to settle at $1,589.10 per ounce, while silver (NYSEARCA:SLV) futures jumped 52 cents to close at $27.44.

Both precious metals climbed higher as the U.S. dollar index declined against the euro currency. European Central Bank President Mario Draghi made comments today that appear to keep the door open for more monetary easing actions.

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“We have to look at what the situation is, look at the data and the developments and then we’ll make up our minds in the Governing Council about what next actions we’ll do,” Draghi told the European Parliament when asked whether the ECB could continue reducing rates, according to Bloomberg. The dollar index fell to as low as 83.11, while the euro hit an intra-day high of $1.2322.

In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) edged 0.41 percent higher, while the iShares Silver Trust (NYSEARCA:SLV) increased 1.14 percent. However, gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Goldcorp Inc. (NYSE:GG) declined 1.04 percent and 0.42 percent, respectively. Silver names such as First Majestic Silver (NYSE:AG) and Silver Wheaton Corp. (NYSE:SLW) both fell more than 1 percent.

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Disclosure: Long EXK, AG, HL, PHYS