ADP (ADP) reported that private employers added 215,000 jobs during November. That surprised economists, who were expecting new hiring of about 170,000 workers during the month. A strengthening job market has been cited by Federal Reserve officials as a key metric that could lead the central bank to begin tapering its monthly bond-buying.
Gold futures for February delivery climbed 2.2% to $1,247.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,251.50 and as low as $1,210.80. Bullion closed in London at $1,246, according to BullionVault.
Silver futures for March delivery surged 4% to $19.83 per ounce. Wednesday’s high for silver was $19.89, while the low was $18.89.
Metal funds gained on Wednesday.
- The SPDR Gold Shares (GLD) climbed 1.7%.
- The iShares Gold Trust (IAU) also rose 1.7%.
- The iShares Silver Trust (SLV) increased 3.2%.
Mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX) added 3.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) improved 3.3%.
- The Global X Silver Miners ETF (SIL) moved up 2.3%.
Gold stocks climbed sharply on Wednesday.
- Agnico-Eagle Mines (AEM) gained 3.1%.
- Barrick Gold (ABX) rose 1.1%.
- Eldorado Gold (EGO) added 2.9%.
- Goldcorp (GG) increased 2.7%.
- Kinross Gold (KGC) improved 2.7%.
- Newmont Mining (NEM) moved up 2.2%.
- NovaGold Resources (NG) surged 5.8%.
- Yamana Gold (AUY) advanced 4.6%.
Silver mining shares moved higher during the day.
- Coeur d’Alene Mines (CDE) rose 3.8%.
- Hecla Mining (HL) gained 4%.
- Pan American Silver (PAAS) increased 4.6%.
- Silver Wheaton (SLW) added 3.1%.
- Silver Standard Resources (SSRI) moved up 2.4%.
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.