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.
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.