Gold Jumps Despite Better Private Jobs Data

Silver bounced and miners followed the metals

   

Gold Jumps Despite Better Private Jobs Data

PreciousMetalsRecap Gold Jumps Despite Better Private Jobs DataGold rallied on Wednesday, shaking off a report that showed better-than-expected U.S. job growth last month to rise sharply during the session.

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.

gold bars Gold Jumps Despite Better Private Jobs Data
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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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/12/gold-jumps-despite-better-private-jobs-data/.

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