The business condition index of the Federal Reserve Bank of New York’s Empire State Manufacturing Survey jumped to a reading of 12.51 in January. That was up sharply from a reading of 2.22 last month. It also surprised economists who had forecast a reading of 3. The U.S. dollar climbed against other currencies, further weakening gold’s appeal to investors.
Gold futures for February delivery fell 0.6% to $1,238.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,244.60 and as low as $1,233.60. Bullion closed in London at $1,241, according to BullionVault.
Silver futures for March delivery slid 0.7%, to $20.13 per ounce. Wednesday’s high for silver was $20.27, while the low was $19.91.
Metal funds faded on Wednesday.
- The SPDR Gold Shares (GLD) fell 0.2%.
- The iShares Gold Trust (IAU) dipped 0.1%.
- The iShares Silver Trust (SLV) moved down 0.1%.
Mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX) climbed 1.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) rose 1%.
- The Global X Silver Miners ETF (SIL) gained 0.8%.
Gold stocks mostly climbed on Wednesday.
- Agnico-Eagle Mines (AEM) rose 3.4%.
- Barrick Gold (ABX) added 1.4%.
- Eldorado Gold (EGO) increased 1.7%.
- Goldcorp (GG) slid 0.3%.
- Kinross Gold (KGC) gained 0.9%.
- Newmont Mining (NEM) moved up 0.7%.
- NovaGold Resources (NG) gained 3.3%.
- Yamana Gold (AUY) dropped 1.8%.
Silver mining shares improved during the day.
- Coeur d’Alene Mines (CDE) added 2.5%.
- Hecla Mining (HL) rose 1.9%.
- Pan American Silver (PAAS) gained 2.7%.
- Silver Wheaton (SLW) climbed 1.4%.
- Silver Standard Resources (SSRI) advanced 2.7%.
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.