Gold Gains on Weak U.S. Economic Reports

Gold gained, silver fell, and miners improved

   

Gold Gains on Weak U.S. Economic Reports

PreciousMetalsRecap Gold Gains on Weak U.S. Economic ReportsA series of lackluster reports on the U.S. economy sent gold higher in Thursday trading. Both the Philadelphia Federal Reserve’s economic conditions index and the Conference Board’s leading economic index slipped, while the Labor Department chimed in with a stronger-than-expected increase in first-time unemployment benefit claims last week.

Gold futures for May delivery climbed 0.7% to $1,392 per ounce on Thursday, according to CME Group. Gold traded as high as $1,401.30 and as low as $1,337. Gold bullion closed in London at $1,388, according to BullionVault.

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Silver futures for May delivery dipped 0.3% to $23.25 per ounce. Thursday’s high for silver was $23.66, while the low was $22.44.

Gold and silver funds mostly advanced in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 1.1%.
  • The iShares Gold Trust (NYSE:IAU) moved up 1.2%.
  • The iShares Silver Trust (NYSE:SLV) slipped 0.2%.

Gold and silver mining ETFs gained during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 3.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 2.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) added 2.9%.

Gold mining shares moved higher on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) improved 4.2%.
  • Barrick Gold (NYSE:ABX) rose 1.9%.
  • Eldorado Gold (NYSE:EGO) climbed 5.1%.
  • Goldcorp (NYSE:GG) moved up 2.3%.
  • Kinross Gold (NYSE:KGC) increased 5.7%.
  • Newmont Mining (NYSE:NEM) inched up 1.3%.
  • NovaGold Resources (AMEX:NG) gained 2.9%.
  • Yamana Gold (NYSE:AUY) advanced 3.4%.

Silver mining shares climbed during the day.

  • Coeur d’Alene Mines (NYSE:CDE) added 2.7%.
  • Hecla Mining (NYSE:HL) inched up 0.7%.
  • Pan American Silver (NASDAQ:PAAS) rose 2.1%.
  • Silver Wheaton (NYSE:SLW) gained 5.1%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 3.9%.

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/2013/04/gold-gains-on-weak-u-s-economic-reports/.

©2014 InvestorPlace Media, LLC

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