Gold Rises on Payroll Data for Weekly Gain
by Christopher Freeburn | February 1, 2013 4:58 pm
[1]A weak report on non-farm U.S. payrolls for last month[2] 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[3]. 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[4].
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[5]) edged up 0.2%.
- The iShares Gold Trust (NYSE:IAU[6]) increased 0.1%.
- The iShares Silver Trust (NYSE:SLV[7]) advanced 1.1%.
Gold and silver mining ETFs also gained during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) increased 1.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) climbed 1.3%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) rose 1.9%.
Gold mining shares moved higher on Friday.
- Agnico-Eagle Mines (NYSE:AEM[11]) gained 0.9%.
- Barrick Gold (NYSE:ABX[12]) increased 0.9%.
- Eldorado Gold (NYSE:EGO[13]) advanced 1.3%.
- Goldcorp (NYSE:GG[14]) sank 1.8%.
- Kinross Gold (NYSE:KGC[15]) climbed 1%.
- Newmont Mining (NYSE:NEM[16]) rose 1.8%.
- NovaGold Resources (AMEX:NG[17]) surged 2.9%.
- Yamana Gold (NYSE:AUY[18]) moved up 1%.
Silver mining shares also advanced.
- Coeur d’Alene Mines (NYSE:CDE[19]) gained 1.4%.
- Hecla Mining (NYSE:HL[20]) surged 3.1%.
- Pan American Silver (NASDAQ:PAAS[21]) rose 0.7%.
- Silver Wheaton (NYSE:SLW[22]) climbed 2%.
- Silver Standard Resources (NASDAQ:SSRI[23]) increased 1.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- weak report on non-farm U.S. payrolls for last month: https://investorplace.com/2013/02/january-jobs-report-winners-losers/
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/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
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- 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
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/02/gold-rises-on-payroll-data-for-weekly-gain/