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.
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.