Weak Jobs Report Lessens Gold Slide

by Christopher Freeburn | January 4, 2013 5:05 pm

PreciousMetalsRecap Weak Jobs Report Lessens Gold Slide[1]Gold rebounded from session lows after a report on U.S. employment last month suggested that the American economy is slowing, possibly increasing the chance that the federal government will continue stimulus efforts. Despite the recovery, gold still closed down for the day.

Gold futures for February delivery fell 1.5% to $1,648.90 on Friday, according to CME Group[2]. Gold traded as high as $1,664.50 and as low as $1,626. Gold bullion closed in London at $1,659, according to BullionVault[3].

Silver futures for February delivery dropped 2.6% % to $29.92 per ounce. Friday’s high for silver was $30.21, while the low was $29.25.

Gold and silver funds were mixed in Friday trading.

Gold and silver mining ETFs were also mixed during the day.

Gold mining shares were mostly higher, with NovaGold Resources (NYSE:NG[10]) rising the most.

Silver mining shares mostly advanced on Friday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/
Short URL: http://invstplc.com/1fE59Fm