Gold Rises Slightly After ADP Report
by Christopher Freeburn | October 3, 2012 4:52 pm
[1]Despite 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[2].
Gold futures for December delivery rose to $1,779.80 on Wednesday, according to CME Group[3]. Gold traded as high as $1,784 and as low as $1,773. Gold bullion closed in London at $1,780, according to BullionVault[4].
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[5]) inched up 0.2%.
- The iShares Gold Trust (NYSE:IAU[6]) also rose 0.2%.
- The iShares Silver Trust (NYSE:SLV[7]) was flat.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) dropped 1.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) slipped 0.8%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) declined 1.2%.
Gold mining shares mostly fell on Wednesday, with Eldorado Gold (NYSE:EGO[11]) posting the sharpest decline.
- Agnico-Eagle Mines (NYSE:AEM[12]) rose 0.1%
- Barrick Gold (NYSE:ABX[13]) fell 1.2%.
- Eldorado Gold dropped 2.2%.
- Goldcorp (NYSE:GG[14]) slid 0.9%.
- Kinross Gold (NYSE:KGC[15]) dipped 1%.
- Newmont Mining (NYSE:NEM[16]) moved lower 0.4%.
- NovaGold Resources (AMEX:NG[17]) declined 1.8%.
- Yamana Gold (NYSE:AUY[18]) fell 1.6%
Silver mining shares declined in Wednesday trading.
- Coeur d’Alene Mines (NYSE:CDE[19]) fell 2.3%.
- Hecla Mining (NYSE:HL[20]) also dropped 2.3%.
- Pan American Silver (NASDAQ:PAAS[21]) slipped 0.9%.
- Silver Wheaton (NYSE:SLW[22]) edged lower 0.1%.
- Silver Standard Resources (NASDAQ:SSRI[23]) tumbled 2.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[4] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- ADP delivered a better-than-expected report on the U.S. jobs market: https://investorplace.com/2012/10/adp-companies-added-162k-workers-in-september/
- 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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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-slightly-after-adp-report/