Gold Slips on Solid November Jobs Report
by Christopher Freeburn | December 6, 2013 5:09 pm
[1]A better-than-expected report on U.S. hiring pushed gold slightly lower in Friday trading. The metal ended the week with a 1.7% loss.
The Labor Department said that the U.S. economy produced 203,000 new non-farm jobs in November, topping the 180,000 new hires forecast by economists. Federal Reserve officials have said a recovering job market is one factor that could prompt them to curtail the central bank’s monthly bond-buying in the near term.
Gold futures for February dipped 0.2% to $1,229 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,245 and as low as $1,210.10. Bullion closed in London at $1,231, according to BullionVault[3].
Silver futures for March delivery edged down 0.2% to $19.52 per ounce. Friday’s high for silver was $19.79, while the low was $19.17.
Metal funds moved slightly higher on Friday.
- The SPDR Gold Shares (GLD[4]) rose 0.2%.
- The iShares Gold Trust (IAU[5]) inched up 0.1%.
- The iShares Silver Trust (SLV[6]) added 0.4%.
Mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) was flat.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) fell 0.6%.
- The Global X Silver Miners ETF (SIL[9]) increased 0.4%.
Gold stocks mostly faded on Friday.
- Agnico-Eagle Mines (AEM[10]) slid 0.5%.
- Barrick Gold (ABX[11]) dipped 0.2%.
- Eldorado Gold (EGO[12]) rose 0.5%.
- Goldcorp (GG[13]) gained 1%.
- Kinross Gold (KGC[14]) sank 0.7%.
- Newmont Mining (NEM[15]) declined 0.8%.
- NovaGold Resources (NG[16]) dropped 1.3%.
- Yamana Gold (AUY[17]) slipped 1.1%.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE[18]) fell 1.3%.
- Hecla Mining (HL[19]) slid 0.4%.
- Pan American Silver (PAAS[20]) rose 0.5%.
- Silver Wheaton (SLW[21]) climbed 1%.
- Silver Standard Resources (SSRI[22]) dropped 2%.
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/2013/12/gold-slips-solid-november-jobs-report/