Gold Rises on Better Jobless Data

Silver futures dipped, while gold rose and miners were mixed

   

A better-than-expected report on first-time unemployment benefits claims in the U.S. sent gold higher in Thursday trading.

Gold futures for December delivery increased to $1,770.60 on Thursday, according to CME Group. Gold traded as high as $1,776.60 and as low as $1,760.20. Gold bullion closed in London at $1,771.00, according to BullionVault.

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Silver futures for December delivery fell, closing down at $34.08 per ounce. Thursday’s high for silver was $34.38, while the low was $33.82.

Gold and silver funds were mixed in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.3%.
  • The iShares Gold Trust (NYSE:IAU) gained 0.4%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.2%.

Gold and silver mining ETFs increased during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was flat.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved higher 1.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) also rose 1.4%.

Gold mining shares closed mostly up on Thursday, with NovaGold Resources (NYSE:NG) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 1.5%
  • Barrick Gold (NYSE:ABX) slipped 0.6%.
  • Eldorado Gold (NYSE:EGO) inched up 0.2%.
  • Goldcorp (NYSE:GG)slid 0.7%.
  • Kinross Gold (NYSE:KGC) declined 1.1%.
  • Newmont Mining (NYSE:NEM) increased 0.9%.
  • NovaGold Resources gained 2.4%.
  • Yamana Gold (NYSE:AUY) moved rose 2.1%.

Silver mining shares mostly gained in Thursday trading.

  • Coeur d’Alene Mines (NYSE:CDE) moved up 2.3%.
  • Hecla Mining (NYSE:HL) climbed 2.8%.
  • Pan American Silver (NASDAQ:PAAS) rose 1.4%.
  • Silver Wheaton (NYSE:SLW) edged up 0.6%.
  • Silver Standard Resources (NASDAQ:SSRI) dipped 0.3%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/10/gold-rises-on-better-jobless-data/.

©2014 InvestorPlace Media, LLC

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