SPDR Gold Shares (NYSEArca: GLD) was up 1% in midday trading Thursday as the exchange traded fund (ETF) eyed its recent record high.
Gold futures touched $1,470 an ounce Thursday while investors digested higher weekly jobless claims, a rise in producer prices and a weaker dollar.
Silver ETFs were also higher.
“Silver needs to find support at $40 and gold around $1,450 in order to make additional headway,” Saxo Bank senior manager Ole Hansen told Reuters.
SPDR Gold Shares on Thursday was trading close to its 52- week high of $143.84 a share.
The gold ETF was up 2.3% year to date coming into Thursday’s session, according to Morningstar, trailing the gain in silver prices by a wide margin.
SPDR Gold Shares
For full disclosure, Tom Lydon’s clients own GLD.