Gold Gains After Weak U.S. Jobs Report

Silver surged, and most miners headed north as well

   

Gold Gains After Weak U.S. Jobs Report

PreciousMetalsRecap Gold Gains After Weak U.S. Jobs ReportGold rose in Friday trading, boosted by a report showing lower-than-expected U.S. hiring in August. The news appeared to dampen the likelihood that the Federal Reserve would begin tapering its monthly bond-buying sooner than later.

The Labor Department reported that non-farm payrolls climbed by just 169,000, well below the 180,000 that economists had forecast. The Fed has cited the U.S. job market as one of the indicators it is watching to determine the timing for winding down its economic stimulus efforts.

gold bars Gold Gains After Weak U.S. Jobs Report
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Gold futures for December delivery rose 1% to $1,386.50 per ounce on Friday, according to CME Group. Gold traded as high as $1,393.60 and as low as $1,358.80. Gold bullion closed in London at $1,391, according to BullionVault.

Silver futures for December delivery jumped 2.7% to $23.89 per ounce. Friday’s high for silver was $23.99, while the low was $23.08.

Gold and silver funds climbed in Friday trading.

  • The SPDR Gold Shares (GLD) rose 1.5%.
  • The iShares Gold Trust (IAU) added 1.4%.
  • The iShares Silver Trust (SLV) gained 2.6%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) increased 1.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) advanced 2.9%.
  • The Global X Silver Miners ETF (SIL) moved up 1.3%.

Gold mining shares climbed on Friday.

  • Agnico-Eagle Mines (AEM) jumped 3.2%.
  • Barrick Gold (ABX) rose 0.9%.
  • Eldorado Gold (EGO) added 1.7%.
  • Goldcorp (GG) gained 1.2%.
  • Kinross Gold (KGC) increased 1.8%.
  • Newmont Mining (NEM) edged up 0.4%.
  • NovaGold Resources (NG) surged 6.9%.
  • Yamana Gold (AUY) improved 2.1%.

Silver mining shares mostly advanced during the day.

  • Coeur d’Alene Mines (CDE) gained 4.5%.
  • Hecla Mining (HL) inched up 0.6%.
  • Pan American Silver (PAAS) dipped 0.1%.
  • Silver Wheaton (SLW) rose 0.7%.
  • Silver Standard Resources (SSRI) added 1.8%.

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/2013/09/gold-gains-on-weak-u-s-jobs-report/.

©2014 InvestorPlace Media, LLC

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