Gold Climbs In Spite of Jobs Data, Strengthening U.S. Dollar

Silver and related miners also head higher

   

Gold Climbs In Spite of Jobs Data, Strengthening U.S. Dollar

PreciousMetalsRecap Gold Climbs In Spite of Jobs Data, Strengthening U.S. DollarDespite 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.

11103054 gold bullion 200x200 Gold Climbs In Spite of Jobs Data, Strengthening U.S. Dollar
The Secular Winds Be a-Shiftin’ for Gold

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/gold-climbs-in-spite-of-jobs-data-strengthening-u-s-dollar/.

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