Renewed concerns over the stability of European banks are sending gold prices higher.
News that one of Portugal's biggest financial firms missed a debt payment hit stock markets in Europe on Thursday, raising worries about the region's banks. Traders shifted money into U.S. Treasurys and gold in search of safe hiding spots.
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Gold for August delivery rose $14.90, or 1.1 percent, to settle at $1,339.20 an ounce Thursday. Silver for September jumped 44 cents, or 2.1 percent, to $21.51.
Traders often park money in gold in anticipation of a crisis. In March, gold prices hit a high point for the year on concerns over a territorial dispute between Russia and Ukraine.
In other commodity trading, benchmark crude oil lost $1.11 to $102.29 a barrel on the New York Mercantile Exchange.