- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Both precious metals climbed higher today as the U.S. dollar index declined to as low as 81.70. Meanwhile, the euro gained and the Australian dollar rose to a fresh 5-week high as the country’s central bank decided to leave its key overnight lending rate unchanged.
Don’t Miss: GOLD: Safe Haven or Risky Investment?
Also boosting gold is the expectation that the European Central Bank will lower interest rates by at least 0.25 percent. Investors “are coming to the conclusion that the time is right for [the European Central Bank] to lower interest rates,” said James Cordier, a portfolio manager with Optionseller.com.
At the end of the shortened trading day, the SPDR Gold Trust (NYSEARCA:GLD) closed 1.53 percent higher, while the iShares Silver Trust (NYSEARCA:SLV) posted a 2.84 percent gain. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Goldcorp Inc. (NYSE:GG) surged nearly 5 percent. Silver names such as Silver Wheaton Corp. (NYSE:SLW) and First Majestic Silver (NYSE:AG) jumped 5.50 percent and 6.02 percent, respectively.
Investor Insight: Did the EU Summit Affect Gold?
If you would like to receive professional analysis on equity miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.