Gold Rises Slightly After ADP Report

Gold and silver futures rose, but mining stocks mostly fell

   

Gold Rises Slightly After ADP Report

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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