12-month high for gold
The price of gold has seen rises and falls over the past few days. However, it has steadily risen 18.8% on a YTD (year-to-date) basis. Gold rose a whopping 1.3% on Thursday, March 3, 2016, touching its highest level of $1,269.30 per ounce before settling at $1,258.30 per ounce. It has rallied almost 3.3% during the past five trading sessions. Gold is currently at a 12-month high.
Palladium has been the best-performing precious metal during the past five trading days, surging a whopping 11%. Palladium has been followed by platinum, which has risen 3.6%. The rise in the precious metals during the past few days has most likely been due to the 0.5% fall of the US dollar on a trailing-five-day basis.
Most of the world’s economies also witnessed a rally in their respective stock markets. The precious metals seem to have been freed from the equity shackles and are taking their price changes from other factors.
The rally in the precious metals helped funds such as the SPDR Gold Shares ETF (GLD) and the iShares Silver Trust (SLV). These two funds rose 1.7% and 1.8%, respectively, on Thursday. GLD and SLV have risen a whopping 19% and 9.9%, respectively, on a YTD basis.
The mining-based stocks that saw good returns on Thursday include B2Gold Corp. (BTG), First Majestic Silver Corp. (AG), and Gold Fields (GFI). These three stocks rose 7.3%, 6.7%, and 4.7%, respectively. Together, the three stocks make up 10.9% of the VanEck Vectors Gold Miners ETF (GDX).