Gold Inches Higher on Weak U.S. Jobs Report

Mining stocks mostly posted small gains

   

Gold Inches Higher on Weak U.S. Jobs Report

PreciousMetalsRecap Gold Inches Higher on Weak U.S. Jobs ReportA weaker-than-expected report on U.S. hiring in May sent the U.S. dollar down and equities tumbling in Wednesday trading. Despite the news, gold managed to eek out just a small gain as worries over the Federal Reserve’s commitment to economic stimulus continued to gain traction with investors.

Gold futures for July delivery edged up 0.1% to $1,398.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,410.20 and as low as $1,395.10. Gold bullion closed in London at $1,405, according to BullionVault.

Silver futures for July delivery rose 0.3% to $22.47 per ounce. Wednesday’s high for silver was $22.74 while the low was $22.29.

Gold and silver funds were mostly higher in Wednesday trading.

  • The SPDR Gold Trust (GLD) increased 0.2%.
  • The iShares Gold Trust (IAU) also rose 0.2%.
  • The iShares Silver Trust (SLV) dipped 0.1%.

Gold and silver mining ETFs mostly slipped during the day.

  • The Market Vectors Gold Miners ETF (GDX) inched up 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.5%.
  • The Global X Silver Miners ETF (SIL) dropped 1.6%.

Gold mining shares advanced modestly on Wednesday.

  • Agnico-Eagle Mines (AEM) gained 1.4%.
  • Barrick Gold (ABX) added 0.6%.
  • Eldorado Gold (EGO) increased 0.6%.
  • Goldcorp (GG) dipped 0.1%.
  • Kinross Gold (KGC) climbed 0.9%.
  • Newmont Mining (NEM) improved 0.4%.
  • NovaGold Resources (NG) rose 1%.
  • Yamana Gold (AUY) was flat.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.2%.
  • Hecla Mining (HL) was unchanged.
  • Pan American Silver (PAAS) increased 0.6%.
  • Silver Wheaton (SLW) was flat.
  • Silver Standard Resources (SSRI) dipped 0.1%.
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Play the Shifting Momentum in Gold Miners

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/2013/06/gold-inches-higher-on-weak-u-s-jobs-report/.

©2014 InvestorPlace Media, LLC

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