Precious metals extended their gains Friday afternoon after Ben Bernanke reiterated the Federal Reserve’s commitment to “provide additional policy accommodation as needed to promote a stronger economic recovery.”
Gold futures surged as much as $34.70, or 2.1%, to $1,691.80 per ounce – their highest level since March 27th. In doing so, the yellow metal stretched its advance in August to 4.8% – marking its best month since January of this year.
Silver futures fared even better, climbing $1.19, or 3.9%, to $31.59 per ounce – their best level since April 23rd. With its move higher today, gold’s sister precious metal extended its monthly gain to 13.0% – its largest such advance since January as well.
As for gold stocks, the Market Vectors Gold Miners ETF (GDX) jumped as much as $2.04, or 4.4%, to $48.06 per share. The rally marked the GDX’s best single-day gain since a 6.9% rise on June 1st and brought its advance in August to 12.3% – its best monthly gain since it surged 13.7% in April of 2010.
In afternoon trading, three of the best-performing large-cap gold miners were Agnico-Eagle Mines (AEM), Kinross Gold (KGC), and Randgold Resources (GOLD). AEM climbed by 4.9% to $48.28, KGC by 5.1% to $8.94, and GOLD by 4.9% to $102.78 per share.
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