Friday, June 10, 2011

Barrick (ABX) (GG) (IAG) (EGO) (KGC) (NEM) Rise on Higher Gold Future Prices

IAMGOLD Corporation (NYSE:IAG), Eldorado Gold Corporation (NYSE:EGO), Kinross Gold (NYSE:KGC), Newmont (NYSE:NEM), Goldcorp (NYSE:GG) and Barrick Gold (NYSE:ABX) all closed in positive territory Thursday as gold futures continued to rise.

Gold futures for August delivery climbed $4 to $1,547.70 an ounce. Silver prices were also up, settling at $37.32 an ounce, a 2 percent gain.

NovaGold Resources Inc. (AMEX:NG) was among the few miners closing in negative territory.

The job market in the U.S. continues on its disastrous journey, as the number of people applying for unemployment benefits for the first time rose to 427,000 last week. Economists had been looking for the number to drop to 419,000. The number applying for jobless benefits rose from the prior week as well, being upwardly revised from 422,000 to 426,000.

Gold was also the benefactor of the decision by the European Central Bank in keeping its interest rate unchanged, although it hinted it may raise interest rates in July.

The European Central Bank kept its key interest rate at 1.25 percent. The Bank of England left its main interest rate unchanged at 0.50 percent, a record low.

Kinross Gold closed Thursday at $15.63, up $0.54, or 3.58 percent. Eldorado Gold Corporation closed at $14.46, gaining $0.39, or 2.77 percent. IAMGOLD Corporation ended the session at $20.97, rising $0.59, or 2.89 percent. Goldcorp closed at $47.59, jumping $0.57, or 1.21 percent. Barrick Gold ended the day at $44.40, climbing $0.08, or 0.18 percent. Newmont closed at $52.92, increasing $0.58, or 1.11 percent.

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