Gold Rises Slightly After ADP Report

Gold and silver futures rose, but mining stocks mostly fell

   

PreciousMetalsRecap Gold Rises Slightly After ADP ReportDespite falling crude oil prices and a stronger U.S. dollar, gold moved up slightly on Wednesday after payroll processor ADP delivered a better-than-expected report on the U.S. jobs market.

Gold futures for December delivery rose to $1,779.80 on Wednesday, according to CME Group. Gold traded as high as $1,784 and as low as $1,773. Gold bullion closed in London at $1,780, according to BullionVault.

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Silver About to Issue a Golden Cross

Silver futures for December delivery also edged higher, closing up at $34.69 per ounce. Wednesday’s high for silver was $34.90, while the low was $34.515.

Gold and silver funds trended up in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) inched up 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also rose 0.2%.
  • The iShares Silver Trust (NYSE:SLV) was flat.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 1.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 1.2%.

Gold mining shares mostly fell on Wednesday, with Eldorado Gold (NYSE:EGO) posting the sharpest decline.

  • Agnico-Eagle Mines (NYSE:AEM) rose 0.1%
  • Barrick Gold (NYSE:ABX) fell 1.2%.
  • Eldorado Gold dropped 2.2%.
  • Goldcorp (NYSE:GG) slid 0.9%.
  • Kinross Gold (NYSE:KGC) dipped 1%.
  • Newmont Mining (NYSE:NEM) moved lower 0.4%.
  • NovaGold Resources (AMEX:NG) declined 1.8%.
  • Yamana Gold (NYSE:AUY) fell 1.6%

Silver mining shares declined in Wednesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) fell 2.3%.
  • Hecla Mining (NYSE:HL) also dropped 2.3%.
  • Pan American Silver (NASDAQ:PAAS) slipped 0.9%.
  • Silver Wheaton (NYSE:SLW) edged lower 0.1%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 2.4%.

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-slightly-after-adp-report/.

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