Gold and silver futures extended earlier gains Thursday afternoon amid continued weakness in the U.S. dollar and a broad-based rally on Wall Street.
COMEX gold for December delivery – the most actively-traded contract – settled up by $12.60, or 0.8%, at $1,619.20 per ounce. Silver futures fared better than the yellow metal, as the September contract jumped $0.40, or 1.4%, to $28.21 per ounce.
Not to be outdone, shares of most gold and silver producers posted even larger gains. The Market Vectors Gold Miners ETF (GDX) – comprised of many of the world’s largest precious metals companies – climbed as much as 3.2% to $45.57 per share. In doing so, the GDX reached its best level since July 5th – exactly six weeks ago – and extended its advance in August to 6.5%.
Notable GDX components in the black this afternoon included Goldcorp (GG), IAMGOLD (IAG), and Pan American Silver (PAAS). GG advanced by 4.7% to $38.42, IAG by 4.2% to $11.82, and PAAS by 6.8% to $16.40 per share.
Gold and silver shares also substantially outperformed the broader equity markets, as the S&P 500 Index added a respectable but far less 0.8% to 1,416.04.
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