Gold for June delivery moved past $900 an ounce Thursday, climbing $14.50 or $1.6% to $907, while the price of silver moved 3.5% higher to $12.74.
MarketWatch reports that an increase in claims for U.S. unemployment benefits and economic worries increased the precious metals' value as a safe asset.
June gold has been trading below $900 since the beginning of the month, says MarketWatch.
On the Horizons BetaPro S&P TSX Global Gold Bull Plus ETF Bullboard, SDragon commented: “I think $900 was more of a psychological number than anything else. Technicals require a break of at least $910 - $915. We'll have to wait and see. Depending how they play the Bank Stress numbers, we may see one more visit to $890 again. Might be why the Miners aren't joining Bullion on the way up[sic].”
While stockguy0 said: “…Gold $907. Looking great so far. Alot of gold bugs still were hoping for $840, which they probably wont get now. $1000+ is in the cards. Seasonal what? People have spoken about Seasonal weakness. All I see is India and China buying, America all buying gold[sic].”
SDragon also noted: “Gold is up about 2% while Silver looks like the real winner at about 3%. I know it's not much but Silver tends to start to outperform Gold as they both start the parabolic phase[sic].”