Gold posted a sharp gain in a strong session for precious metals, with the metal up about 4% by midday at $4,266 an ounce. The move highlighted renewed momentum among gold investors as attention turned to the broader debt outlook.
Silver also advanced, rising approximately 4.3% to reach $63 an ounce. The simultaneous gains in gold and silver pointed to broad strength across the precious-metals market rather than a move limited to one metal.
Mining shares outperformed the underlying metals. The GDX gold miner ETF climbed 6.99%, while the SILJ junior silver miner ETF gained 6.2%, extending the day’s rally into companies linked to gold and silver production.
The session marked a notable day for precious-metals investors, with bullion, silver and mining funds all moving higher as the market weighed the debt reckoning referenced in the outlook.
