Gold Recaptures $1,600 as Cyprus and Fed Chatter Take Center Stage
By Eric McWhinnie | March 28, 2013 6:36 AM EST
On Wednesday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, jumped $9.90 to close at $1,607.20 per ounce, while silver (NYSEARCA:SLV) futures for May edged 7 cents lower to finish at $28.61.
Gold recaptured $1,600 an ounce, despite the U.S. dollar index climbing higher. Cyprus appears to be on schedule to reopen banks for the first time in two weeks tomorrow, but capital controls will be in place. ATM withdraws are reportedly limited to only 300 euros, while people will be forbidden to take more than 3,000 euros in cash out of the insolvent country.
Meanwhile, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the central bank’s monetary policy is currently “not accommodative enough.” He also reiterated the point that the unemployment rate threshold is not a trigger to end current policies.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) gained 0.50 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained about 0.15 percent. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) both jumped more than 2.0 percent. First Majestic Silver (NYSE:AG) increased 1.5 percent.
Don’t Miss: Is the College Debt Bubble Finally Bursting?
If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
Join the Conversation
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- ‘Lone Wolf’ Attack on Canada Parliament Hill Could be ISIS-Related