Gold prices edged higher in trading on Thursday as comments from European Central Bank (ECB) President Mario Draghi lifted sentiments. Silver prices also edged higher on Thursday.
Speaking at an investment conference in London, Draghi said that the ECB was ready to do whatever it takes to protect the euro. Draghi said that the single currency was “irreversible”, and that the euro zone was much stronger than many acknowledged.
Spot gold prices rose 0.7% to $1,616 an ounce. Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange rose $7 to settle at $1,615.10 an ounce.
Gold prices had posted their biggest one-day gain since late June in Wednesday’s trading session. The precious metal had risen on speculation that the ECB would lend directly to the euro zone’s rescue funds.
Gold has also gained on hopes that the Federal Reserve will implement additional easing measures to boost the U.S. economy.
In other precious metals, silver also rose on Thursday. At last check, spot silver was up 0.1% to $27 an ounce.
In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.60%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 1.07%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 1.37%.
Platinum and palladium also rose on Thursday. At last check, spot platinum was trading 0.7% higher at $1,401 an ounce, while spot palladium was trading 1.2% higher at $569 an ounce.
Source: http://fyxnews.com/smw/31343/Gold-Prices-Settle-Higher-on-Comments-from-ECB-President-Silver-Prices-also-Gain-#ixzz21pDMBP24
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