Despite better-than-expected U.S. jobs numbers and a strengthening U.S. dollar, gold inched higher in Friday trading. The metal’s resilience in the face of downward price pressure reassured gold investors after a month of price declines. U.S. equities continued to climb to new record highs.
Gold futures for April delivery edged up 0.1% to $1576.90 per ounce on Friday, according to CME Group. Gold traded as high as $1,583.10 and as low as $1,560.40. Gold bullion closed in London at $1,581, according to BullionVault.
Silver futures for April delivery climbed 0.5% to $28.92 per ounce. Friday’s high for silver was $29.22, while the low was $28.39.
Gold and silver funds edged higher in Friday trading.
- The SPDR Gold Trust (NYSE:GLD) was flat.
- The iShares Gold Trust (NYSE:IAU) was also unchanged.
- The iShares Silver Trust (NYSE:SLV) rose 0.3%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.4%
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL) increased 1.1%.
Several individual gold mining shares showed slight declines Friday.
- Agnico-Eagle Mines (NYSE:AEM) slipped 0.5%.
- Barrick Gold (NYSE:ABX) also dropped 0.5%.
- Eldorado Gold (NYSE:EGO) slid 0.7%.
- Goldcorp (NYSE:GG) fell 0.5%.
- Kinross Gold (NYSE:KGC) climbed 1.4%.
- Newmont Mining (NYSE:NEM) dropped 1.7%.
- NovaGold Resources (AMEX:NG) sank 0.3%.
- Yamana Gold (NYSE:AUY) gained 0.3%.
Silver mining shares mostly moved higher.
- Coeur d’Alene Mines (NYSE:CDE) dipped 0.1%.
- Hecla Mining (NYSE:HL) surged 4.3%.
- Pan American Silver (NASDAQ:PAAS) rose 2.1%.
- Silver Wheaton (NYSE:SLW) slid 0.6%.
- Silver Standard Resources (NASDAQ:SSRI) rose 1.7%.
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.