The dollar’s woe proved gold’s gain. The precious metal rose on the day amid fears that the Labor Department’s non-farm payroll report would fall short of forecasts.
Gold also managed to benefit from concern that equities markets — which have surged to record highs in recent months — could be nearing a major correction.
Gold futures for July delivery climbed 1.2% to $1,415.80 per ounce on Thursday, according to CME Group. Gold traded as high as $1,423.10 and as low as $1,395.10. Gold bullion closed in London at $1,415, according to BullionVault.
Gold and silver funds improved modestly in Thursday trading.
- The SPDR Gold Trust (GLD) rose 0.7%.
- The iShares Gold Trust (IAU) also increased 0.7%.
- The iShares Silver Trust (SLV) climbed 0.6%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (GDX) gained 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) advanced 2.2%.
- The Global X Silver Miners ETF (SIL) moved up 1.5%.
Gold mining shares mostly gained on Thursday.
- Agnico-Eagle Mines (AEM) added 1.7%.
- Barrick Gold (ABX) inched up 0.6%.
- Eldorado Gold (EGO) climbed 2%.
- Goldcorp (GG) rose 1.7%.
- Kinross Gold (KGC) fell 0.9%.
- Newmont Mining (NEM) advanced 1%.
- NovaGold Resources (NG) jumped 2.3%.
- Yamana Gold (AUY) improved 2%.
Silver mining shares mostly gained during the day.
- Coeur d’Alene Mines (CDE) added 1%.
- Hecla Mining (HL) dropped 2.6%.
- Pan American Silver (PAAS) rose 1.3%.
- Silver Wheaton (SLW) increased 0.9%.
- Silver Standard Resources (SSRI) climbed 1.8%.
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.