Gold Rises on Payroll Data for Weekly Gain

Gold and silver futures advanced; miners moved higher

   

PreciousMetalsRecap Gold Rises on Payroll Data for Weekly GainA weak report on non-farm U.S. payrolls for last month sent gold higher in Friday trading, leading the metal to post a gain for the week. Gold rose as the Dow Jones closed above 14,000 for the first time since October 2007.

Gold futures for March delivery rose about 0.5% to $1,669.90 on Friday, according to CME Group. Gold traded as high as $1,681.90 and as low as $1,660. Gold bullion closed in London at $1,670, according to BullionVault.

Gold185 Gold Rises on Payroll Data for Weekly Gain
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Silver futures for March delivery gained almost 2% to $31.96 per ounce. Friday’s high for silver was $32.16 an ounce, while the low was $31.30.

Gold and silver funds rose in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged up 0.2%.
  • The iShares Gold Trust (NYSE:IAU) increased 0.1%.
  • The iShares Silver Trust (NYSE:SLV) advanced 1.1%.

Gold and silver mining ETFs also gained during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 1.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 1.9%.

Gold mining shares moved higher on Friday.

  • Agnico-Eagle Mines (NYSE:AEM) gained 0.9%.
  • Barrick Gold (NYSE:ABX) increased 0.9%.
  • Eldorado Gold (NYSE:EGO) advanced 1.3%.
  • Goldcorp (NYSE:GG) sank 1.8%.
  • Kinross Gold (NYSE:KGC) climbed 1%.
  • Newmont Mining (NYSE:NEM) rose 1.8%.
  • NovaGold Resources (AMEX:NG) surged 2.9%.
  • Yamana Gold (NYSE:AUY) moved up 1%.

Silver mining shares also advanced.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.4%.
  • Hecla Mining (NYSE:HL) surged 3.1%.
  • Pan American Silver (NASDAQ:PAAS) rose 0.7%.
  • Silver Wheaton (NYSE:SLW) climbed 2%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 1.4%.

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/2013/02/gold-rises-on-payroll-data-for-weekly-gain/.

©2014 InvestorPlace Media, LLC

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