Precious metals rebounded Thursday from earlier losses as the broader financial markets returned to positive territory in afternoon trading.
COMEX gold futures fell below $1,600 per ounce this morning but later climbed toward $1,625, while silver bounced back from $28.69 to trade higher by 1.0% at $29.37 per ounce.
The rebound in precious metals was not accompanied by weakness in the U.S. dollar, however, as the greenback maintained the large majority of its gains against a composite of foreign currencies. The euro remained particularly weak against the dollar, as it fell 1.2% to 1.2791.
Gold and silver stocks headed north as well, as the Philadelphia Gold & Silver Index (XAU) turned an earlier 1.3% loss into a 0.5% gain this afternoon. Notable XAU components moving higher included Gold Fields (GFI), Newmont Mining (NEM), and Silver Wheaton (SLW) – which advanced 1.3%, 0.8%, and 1.2%, respectively.
Precious metals shares were also lifted by the broader equity markets, as the Dow Jones Industrial Average (DJIA) rose 12.83 points to 12,431.25 after earlier falling as much as 134.37 points.
Colossus Hits More High-Grade Gold at Serra Pelada
- Hole SPD-120 intersected several high-grade subzones within a continuously mineralized intercept of 74.35m grading 15.45 grams per tonne (g/t) gold, 4.54 g/t platinum and 7.04 g/t palladium in the Central Mineralized Zone (CMZ)
- Hole SPD-118 intersected 6.61m at 44.40 g/t gold, 0.69 g/t platinum and 0.62 g/t palladium extending a high grade, upper-limb mineralized subzone onto Section 125SW
- The Company noted that the latest drill results are significant as they extend the CMZ high-grade subzones and widen the GT Zone
