Gold Slips on Stronger U.S. Employment Data

However, gold and silver ETFs tick up slightly higher Friday

   

Gold Slips on Stronger U.S. Employment Data

PreciousMetalsRecap Gold Slips on Stronger U.S. Employment DataA better-than-expected report on U.S. hiring last month sent gold down slightly in Friday trading. Other commodities posted solid gains during the day, and the Dow Jones Industrial Average set a record close after briefly trading above 15000.

The Labor Department said the U.S. economy added more jobs than economists had forecast in April, reducing the likelihood that the Federal Reserve would increase economic stimulus.

13609814 gold nuggetjpg e1302615308983 200x163 Gold Slips on Stronger U.S. Employment Data
Send These 2 Gold Miners Packing

Gold futures for June delivery dipped 0.2% to $1,464.20 per ounce on Friday, according to CME Group. Gold traded as high as $1,487.20 and as low as $1,455.40. Gold bullion closed in London at $1,472, according to BullionVault.

Silver futures for June delivery rose 0.8% to $23.99 per ounce. Friday’s high for silver was $24.31, while the low was $23.53.

Gold and silver funds moved higher in Friday trading.

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

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) climbed 1%.

Gold mining shares mostly improved Friday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 1.5%.
  • Barrick Gold (NYSE:ABX) rose 2.4%.
  • Eldorado Gold (NYSE:EGO) declined 1.1%.
  • Goldcorp (NYSE:GG) added 0.8%.
  • Kinross Gold (NYSE:KGC) was flat.
  • Newmont Mining (NYSE:NEM) gained 1%.
  • NovaGold Resources (AMEX:NG) climbed 1.7%.
  • Yamana Gold (NYSE:AUY) advanced 1.2%.

Silver mining shares were mixed.

  • Coeur d’Alene Mines (NYSE:CDE) rose 2%.
  • Hecla Mining (NYSE:HL) surged 4.9%.
  • Pan American Silver (NASDAQ:PAAS) fell 1.3%.
  • Silver Wheaton (NYSE:SLW) climbed 1.2%.
  • Silver Standard Resources (NASDAQ:SSRI) dipped 0.3%.

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/2013/05/gold-slips-on-stronger-u-s-employment-data/.

©2014 InvestorPlace Media, LLC

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