Gold Edges Higher on Better Chinese Manufacturing
by Christopher Freeburn | August 9, 2013 4:30 pm
[1]Gold 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.
Gold futures for December delivery moved up 0.2% to $1,312.20 per ounce on Friday, according to CME Group[2]. 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[3].
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[4]) was flat.
- The iShares Gold Trust (IAU[5]) also ended unchanged.
- The iShares Silver Trust (SLV[6]) gained 0.8%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) rose 1.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) climbed 2%.
- The Global X Silver Miners ETF (SIL[9]) surged 4.5%.
Gold mining shares gained on Friday.
- Agnico-Eagle Mines (AEM[10]) increased 0.5%.
- Barrick Gold (ABX[11]) rose 1.9%.
- Eldorado Gold (EGO[12]) added 1%.
- Goldcorp (GG[13]) moved up 0.7%.
- Kinross Gold (KGC[14]) inched up 0.2%.
- Newmont Mining (NEM[15]) grew 2.5%.
- NovaGold Resources (NG[16]) climbed 1.9%.
- Yamana Gold (AUY[17]) improved 0.7%.
Silver mining shares climbed during the day.
- Coeur d’Alene Mines (CDE[18]) surged 3.8%.
- Hecla Mining (HL[19]) rose 0.9%.
- Pan American Silver (PAAS[20]) gained 2.3%.
- Silver Wheaton (SLW[21]) added 2.5%.
- Silver Standard Resources (SSRI[22]) jumped 4.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/08/gold-edges-higher-on-better-chinese-manufacturing/