Gold Slips on Better U.S. Jobs Data

Silver continued to slide and miners mostly followed

   

Gold Slips on Better U.S. Jobs Data

PreciousMetalsRecap Gold Slips on Better U.S. Jobs DataA report showing higher-than-expected U.S. hiring last month sent gold lower in Wednesday trading. It marked the metal’s third straight losing session.

The ADP jobs report showed that private employers added 238,000 new jobs in December. That topped the 200,000 jobs that economists were expecting and supplied more evidence of a recovering U.S. job market. The U.S. dollar improved against other currencies during the day.

11103054 gold bullion 200x200 Gold Slips on Better U.S. Jobs Data
GLD – Gold Looks Weak, But Could Bounce

Gold futures for February delivery slipped 0.3% to $1,225.50 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,231.80 and as low as $1,218.30. Bullion closed in London at $1,226, according to BullionVault.

Silver futures for March delivery dropped 1.3%, to $19.54 per ounce. Wednesday’s high for silver was $19.87, while the low was $19.31.

Metal funds faded on Wednesday.

  • The SPDR Gold Shares (GLD) sank 0.6%.
  • The iShares Gold Trust (IAU) fell 0.5%.
  • The iShares Silver Trust (SLV) declined 1.6%.

Mining ETFs slumped during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 1.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.3%.
  • The Global X Silver Miners ETF (SIL) fell 1.5%.

Gold stocks mostly sank on Wednesday.

  • Agnico-Eagle Mines (AEM) waned 1.9%.
  • Barrick Gold (ABX) slid 1.7%.
  • Eldorado Gold (EGO) climbed 0.2%.
  • Goldcorp (GG) fell 1.3%.
  • Kinross Gold (KGC) waned 0.9%.
  • Newmont Mining (NEM) dropped 2.3%.
  • NovaGold Resources (NG) tumbled 3%.
  • Yamana Gold (AUY) gained 1%.

Silver mining shares mostly pulled back during the day.

  • Coeur d’Alene Mines (CDE) sank 2.4%.
  • Hecla Mining (HL) inched up 0.3%.
  • Pan American Silver (PAAS) fell 0.8%.
  • Silver Wheaton (SLW) slid 1.2%.
  • Silver Standard Resources (SSRI) declined 1.4%.

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/2014/01/gold-slips-better-u-s-jobs-data/.

©2014 InvestorPlace Media, LLC

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