Gold Sinks to Weekly Loss on Better Jobs Data

by Christopher Freeburn | June 7, 2013 9:45 pm

PreciousMetalsRecap Gold Sinks to Weekly Loss on Better Jobs Data[1]A better-than-forecast report on U.S. hiring in May[2] from the Labor Department pushed gold sharply lower in Friday trading. The report renewed investor confidence in the strength of the U.S. economy, driving equities higher at the metal’s expense. Gold posted its first weekly decline in three weeks.

Gold futures for July delivery dropped 2.3% to $1,383.10 per ounce on Friday, according to CME Group[3]. Gold traded as high as $1,416 and as low as $1,377.60. Gold bullion closed in London at $1,381, according to BullionVault[4].

Silver futures for July delivery tumbled 4.2% to $21.74 per ounce. Friday’s high for silver was $22.76 while the low was $21.61.

Gold and silver funds moved down in Friday trading.

Gold and silver mining ETFs declined sharply during the day.

Gold mining shares slumped on Friday.

Silver mining shares sank during the day.

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. better-than-forecast report on U.S. hiring in May: http://investorplace.com/2013/06/may-jobs-beat-forecasts-unemployment-rate-ticks-up/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/06/gold-sinks-to-weekly-loss-on-better-jobs-data/
Short URL: http://invstplc.com/1nGyyDg