Gold Rises on Better Jobless Data
by Christopher Freeburn | October 11, 2012 5:14 pm
A better-than-expected report on first-time unemployment benefits claims[1] 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[2]. 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[3].
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[4]) rose 0.3%.
- The iShares Gold Trust (NYSE:IAU[5]) gained 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) dipped 0.2%.
Gold and silver mining ETFs increased during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) was flat.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) moved higher 1.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) also rose 1.4%.
Gold mining shares closed mostly up on Thursday, with NovaGold Resources (NYSE:NG[10]) rising the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) climbed 1.5%
- Barrick Gold (NYSE:ABX[12]) slipped 0.6%.
- Eldorado Gold (NYSE:EGO[13]) inched up 0.2%.
- Goldcorp (NYSE:GG[14])slid 0.7%.
- Kinross Gold (NYSE:KGC[15]) declined 1.1%.
- Newmont Mining (NYSE:NEM[16]) increased 0.9%.
- NovaGold Resources gained 2.4%.
- Yamana Gold (NYSE:AUY[17]) moved rose 2.1%.
Silver mining shares mostly gained in Thursday trading.
- Coeur d’Alene Mines (NYSE:CDE[18]) moved up 2.3%.
- Hecla Mining (NYSE:HL[19]) climbed 2.8%.
- Pan American Silver (NASDAQ:PAAS[20]) rose 1.4%.
- Silver Wheaton (NYSE:SLW[21]) edged up 0.6%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dipped 0.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[3] contributed to this report.
Endnotes:
- first-time unemployment benefits claims: https://investorplace.com/2012/10/first-time-jobless-claims-hit-four-year-low/
- CME Group: http://www.cmegroup.com/
- BullionVault: http://www.bullionvault.com/
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
Source URL: https://investorplace.com/2012/10/gold-rises-on-better-jobless-data/