Shares of precious metals miners enjoyed a steady climb Thursday, despite a slow day for the broader market, as gold futures reached an eight-week high, the dollar fell briefly and concerns about the Greek debt crisis subsided slightly.
Eldorado Gold (EGO) was up two percent at $15.47, IAMGOLD (IAG) up nearly three percent at $17.27 and New Gold (NGD) up nearly four percent at $12.31.
Gold exchange-traded funds enjoyed a positive day as well. Market Vectors ETF Trust climbed 60 cents to $57.18 and Global X Silver Miners reached $25.18.
Shares of silver miners were also up on the day, with Fresnillo closing up more than two percentage points and MAG Silver up nearly four percent at $8.50. ETFS Silver Trust gained 25 cents to $33.70.
In contrast, various broad stock indexes struggled to take off. The S&P 500 was up a fraction of a percentage by the early afternoon, at 1,324.24 points. The Nasdaq Composite reached its high at 11 a.m., climbing to 2,868.23 before sliding down seven points. The Dow Jones Industrial Average had fallen 26 points by early afternoon trading, to 12,691.
The price for gold on the futures market also rose. Gold for April delivery on the Comex reached as high as $1,763.80, and remained up $8.30 at $1,757.70 as of 1 p.m. A close above $1,749.50 would mark gold's third straight day of gains. The precious metal is up 11 percent on the year.
The good afternoon for precious metals was largely fueled by the growing likelihood of an end to the Greek debt crisis, as the nation and its bondholders near an agreement over how much a deal could cost private investors, according to reports.
CPM Group's Rohit Savant said gold was looking a little overbought, according to Marketwatch. He remained bearish on the long term, claiming prices have been propped up by market uncertainty.
There's nothing new to push prices above the record levels we saw last year, he said.