Gold Inches Higher Ahead of Jobs Report

Silver climbed and miners gained across the board

   

Gold Inches Higher Ahead of Jobs Report

PreciousMetalsRecap Gold Inches Higher Ahead of Jobs ReportGold rose fractionally in Monday trading as investors looked ahead to the release of the Labor Department’s monthly non-farm payroll report on Tuesday. The report usually is released at the beginning of the month, but was delayed by the U.S. government shutdown, which was finally resolved last week.

Economists expect tomorrow’s report to show that the U.S. economy added about 18o,000 new jobs in September. The U.S. Federal Reserve has signaled that it will not begin tapering its monthly bond-buying until it sees sustained employment growth.

gold bars Gold Inches Higher Ahead of Jobs Report
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Gold futures for December delivery edged up 0.1% to $1,315.80 per ounce on Monday, according to CME Group. Gold traded as high as $1,323.90 and as low as $1,312. Bullion closed in London at $1,318, according to BullionVault.

Silver futures for December climbed 1.7% to $22.28 per ounce. Monday’s high for silver was $22.34, while the low was $21.85.

Metal funds advanced in Monday trading.

  • The SPDR Gold Shares (GLD) gained 0.1%.
  • The iShares Gold Trust (IAU) also moved up 0.1%.
  • The iShares Silver Trust (SLV) climbed 1.4%.

Mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 2.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) increased 3.9%.
  • The Global X Silver Miners ETF (SIL) rose 1.5%.

Gold stocks climbed on Monday.

  • Agnico-Eagle Mines (AEM) rose 1.5%.
  • Barrick Gold (ABX) gained 2.3%.
  • Eldorado Gold (EGO) increased 3.4%.
  • Goldcorp (GG) added 2.5%.
  • Kinross Gold (KGC) improved 3.5%.
  • Newmont Mining (NEM) advanced 2.1%.
  • NovaGold Resources (NG) moved up 2.7%.
  • Yamana Gold (AUY) surged 3.1%.

Silver mining shares gained during the day.

  • Coeur d’Alene Mines (CDE) rose 3.1%.
  • Hecla Mining (HL) increased 0.3%.
  • Pan American Silver (PAAS) climbed 2.1%.
  • Silver Wheaton (SLW) added 1.2%.
  • Silver Standard Resources (SSRI) improved 3.1%.

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/2013/10/gold-inches-higher-ahead-jobs-report/.

©2014 InvestorPlace Media, LLC

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