Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday as turmoil in the financial sector of Portugal and decline in U.S. stocks lured investors to gold.
The most active gold contract for August delivery went up 14.9 U.S. dollars, or 1.13 percent, to settle at 1,339.2 dollars per ounce.
Negative banking news out of Portugal's Espirito Santo International sent gold rising to near its highest level in four months. Analysts believe that the volatility is heightened in the markets and expect that volatility to continue at least in short- term.
Gold's gains were kept in check by a report by the U.S. Department of Labor showing initial jobless claims down by 11,000 to a seasonally adjusted 304,000. This is near a seven year low.
Silver for September delivery gained 44 cents, or 2.09 percent, to close at 21.508 dollars per ounce. Platinum for October delivery gained 10.1 dollars, or 0.67 percent, to close at 1517 dollars per ounce.