Gold Inches Up Ahead of December Jobs Report

Silver climbed, but mining stocks mostly dropped

   

PreciousMetalsRecap Gold Inches Up Ahead of December Jobs ReportGold gained slightly in Thursday trading, breaking a three-session losing streak. The metal’s gain comes as investors await the release of the Labor Department’s December jobs report on Friday morning.

Gold futures for February delivery rose 0.3% to $1,229.40 per ounce on Thursday, according to CME Group. Gold traded as high as $1,230.90 and as low as $1,222.80. Bullion closed in London at $1,230, according to BullionVault.

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Silver futures for March delivery climbed 0.7%, to $19.68 per ounce. Thursday’s high for silver was $19.71, while the low was $19.38.

Metal funds improved on Thursday.

  • The SPDR Gold Shares (GLD) moved up 0.3%.
  • The iShares Gold Trust (IAU) added 0.2%.
  • The iShares Silver Trust (SLV) was flat.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.1%.
  • The Global X Silver Miners ETF (SIL) slid 2.3%.

Gold stocks mostly declined on Thursday.

  • Agnico-Eagle Mines (AEM) dropped 3%.
  • Barrick Gold (ABX) fell 1.3%.
  • Eldorado Gold (EGO) slid 2.6%.
  • Goldcorp (GG) rose 1.3%.
  • Kinross Gold (KGC) sank 2.4%.
  • Newmont Mining (NEM) faded 0.9%.
  • NovaGold Resources (NG) was flat.
  • Yamana Gold (AUY) slumped 3.1%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) tumbled 4.4%.
  • Hecla Mining (HL) dropped 3.8%.
  • Pan American Silver (PAAS) fell 1.4%.
  • Silver Wheaton (SLW) sank 3.3%.
  • Silver Standard Resources (SSRI) pulled back 2.9%.

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/2014/01/gold-inches-ahead-december-jobs-report/.

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