Randgold (NASDAQ:GOLD), NovaGold Resources Inc. (AMEX:NG) and Gabriel Resources (TSE:GBU) closed mixed Thursday even as gold and silver prices broke all-time records. It appears investors are taking some profits off the top.
Gold prices soared while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.
Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.
Silver prices for July moved up $1.55 to settle at $47.54 an ounce.
Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.
The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.
Friday, April 29, 2011
Randgold (GOLD) (NG) (GBU) Close Mixed as Gold, Silver Break Records
Labels:
Gabriel Resources,
NovaGold Resources,
Randgold
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