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Gold Gains as U.S. Dollar Cools

Gold and silver rose and miners mostly followed


Gold Silver GLD IAU SLVA pair of economic reports that painted a mixed picture of the U.S. economy sent the U.S. dollar lower and gold higher in Thursday trading.

The government reported that orders for durable goods manufactured in the U.S. rose 4.2% last month, topping economists’ expectations. However, most of the gain was driven by a surge in commercial and military aircraft orders. Excluding the volatile transportation sector, orders for durable goods were mostly flat. The Labor Department announced that first-time claims for unemployment benefits also rose more than expected, suggesting that U.S. hiring remains sluggish.

Gold futures for August delivery climbed 0.7% to $1,328.80 per ounce on Thursday, according to CME Group. Gold traded as high as $1,331.90 and as low as $1,308.40. Gold bullion closed in London at $1,333, according to BullionVault.

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Silver futures for August delivery also rose 0.7% to $20.15 per ounce. Thursday’s high for silver was $20.19, while the low was $19.78.

Gold and silver funds rose in Thursday trading.

  • The SPDR Gold Trust (GLD) increased 0.9%.
  • The iShares Gold Trust (IAU) also added 0.9%.
  • The iShares Silver Trust (SLV) gained 0.3%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) moved up 1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) advanced 1.3%.
  • The Global X Silver Miners ETF (SIL) gained 0.8%.

Gold mining shares mostly climbed on Thursday.

  • Agnico-Eagle Mines (AEM) fell 0.4%.
  • Barrick Gold (ABX) added 2%.
  • Eldorado Gold (EGO) gained 2.6%.
  • Goldcorp (GG) dipped 0.8%.
  • Kinross Gold (KGC) edged up 0.2%.
  • Newmont Mining (NEM) rose 1.1%.
  • NovaGold Resources (NG) dropped 2.4%.
  • Yamana Gold (AUY) increased 0.2%.

Silver mining shares moved higher during the day.

  • Coeur d’Alene Mines (CDE) gained 0.7%.
  • Hecla Mining (HL) jumped 3.1%.
  • Pan American Silver (PAAS) advanced 1.9%.
  • Silver Wheaton (SLW) increased 2.4%.
  • Silver Standard Resources (SSRI) climbed 3.6%.

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.

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