Gold Inches Higher on Weak U.S. Jobs Report

by Christopher Freeburn | June 5, 2013 4:34 pm

[1]A weaker-than-expected report on U.S. hiring in May[2] 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[3]. 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[4].

Gold and silver funds were mostly higher in Wednesday trading.

• The SPDR Gold Trust (GLD[5]) increased 0.2%.
• The iShares Gold Trust (IAU[6]) also rose 0.2%.
• The iShares Silver Trust (SLV[7]) dipped 0.1%.

Gold and silver mining ETFs mostly slipped during the day.

• The Market Vectors Gold Miners ETF (GDX[8]) inched up 0.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[9]) fell 0.5%.
• The Global X Silver Miners ETF (SIL[10]) dropped 1.6%.

Gold mining shares advanced modestly on Wednesday.

• Agnico-Eagle Mines (AEM[11]) gained 1.4%.
• Barrick Gold (ABX[12]) added 0.6%.
• Eldorado Gold (EGO[13]) increased 0.6%.
• Goldcorp (GG[14]) dipped 0.1%.
• Kinross Gold (KGC[15]) climbed 0.9%.
• Newmont Mining (NEM[16]) improved 0.4%.
• NovaGold Resources (NG[17]) rose 1%.
• Yamana Gold (AUY[18]) was flat.

Silver mining shares were mixed during the day.

• Coeur d’Alene Mines (CDE[19]) slipped 0.2%.
• Hecla Mining (HL[20]) was unchanged.
• Pan American Silver (PAAS[21]) increased 0.6%.
• Silver Wheaton (SLW[22]) was flat.
• Silver Standard Resources (SSRI[23]) dipped 0.1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Source URL: https://investorplace.com/2013/06/gold-inches-higher-on-weak-u-s-jobs-report/