Gold Edges Higher on Better Chinese Manufacturing

Silver outpaced gold, and miners rose across the board

   

Gold Edges Higher on Better Chinese Manufacturing

PreciousMetalsRecap Gold Edges Higher on Better Chinese ManufacturingGold rose in Friday trading after the Chinese government posted strong data on factory output during July. The metal has increased for three consecutive sessions and finished the week with a small gain.

China said that last month’s industrial production jumped 9.7% compared to the same time last year. Friday’s news built on data released yesterday that showed rising Chinese imports and exports, increasing investor confidence that China — which has a considerable appetite for gold — is seeing more robust economic growth.

11103054 gold bullion 200x200 Gold Edges Higher on Better Chinese Manufacturing
Gold Likely Will Turn South at This Crossroads

Gold futures for December delivery moved up 0.2% to $1,312.20 per ounce on Friday, according to CME Group. Gold traded as high as $1,313.80 and as low as $1,282. Gold bullion closed in London at $1,314, according to BullionVault.

Silver futures for December delivery climbed 1.1% to $20.46 per ounce. Friday’s high for silver was $20.58, while the low was $20.11.

Gold and silver funds moved up slightly in Friday trading.

  • The SPDR Gold Trust (GLD) was flat.
  • The iShares Gold Trust (IAU) also ended unchanged.
  • The iShares Silver Trust (SLV) gained 0.8%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 1.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2%.
  • The Global X Silver Miners ETF (SIL) surged 4.5%.

Gold mining shares gained on Friday.

  • Agnico-Eagle Mines (AEM) increased 0.5%.
  • Barrick Gold (ABX) rose 1.9%.
  • Eldorado Gold (EGO) added 1%.
  • Goldcorp (GG) moved up 0.7%.
  • Kinross Gold (KGC) inched up 0.2%.
  • Newmont Mining (NEM) grew 2.5%.
  • NovaGold Resources (NG) climbed 1.9%.
  • Yamana Gold (AUY) improved 0.7%.

Silver mining shares climbed during the day.

  • Coeur d’Alene Mines (CDE) surged 3.8%.
  • Hecla Mining (HL) rose 0.9%.
  • Pan American Silver (PAAS) gained 2.3%.
  • Silver Wheaton (SLW) added 2.5%.
  • Silver Standard Resources (SSRI) jumped 4.3%.

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/2013/08/gold-edges-higher-on-better-chinese-manufacturing/.

©2014 InvestorPlace Media, LLC

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