Gold Ends Week Up Nearly 2%

Silver inched up, while miners advanced across the board

   

PreciousMetalsRecap Gold Ends Week Up Nearly 2%Gold climbed modestly in Friday trading after the Labor Department’s jobs report for January showed weaker-than-expected U.S. hiring. The metal rose 1.8% during the week.

The government said that non-farm U.S. payrolls increased by 113,000 jobs last month. That was significantly lower than the 180,000 new jobs that economists had forecast the U.S. economy to add in January.

gold bars Gold Ends Week Up Nearly 2%
ABX, NEM: All Gold Mining Stocks Are Not Created Equal

Among silver miners, Silver Standard Resources (SSRI) stock surged 10% after the company announced that the sale of a Chilean mining project to Mandalay Resources had been completed.

Gold futures for April delivery rose 0.5% to $1,262.90 per ounce on Friday, according to CME Group. Gold traded as high as $1,272 and as low as $1,255.60. Bullion closed in London at $1,269, according to BullionVault.

Silver futures for March delivery gained about one cent to $19.94 per ounce. Friday’s high for silver was $20.09, while the low was $19.76.

Metal funds moved higher on Friday.

  • The SPDR Gold Shares (GLD) added 0.8%.
  • The iShares Gold Trust (IAU) climbed 0.7%.
  • The iShares Silver Trust (SLV) rose 0.6%.

Mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 3.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) jumped 5.1%.
  • The Global X Silver Miners ETF (SIL) surged 4.1%.

Gold stocks improved on Friday.

  • Agnico-Eagle Mines (AEM) rose 3.4%.
  • Barrick Gold (ABX) added 2.1%.
  • Eldorado Gold (EGO) increased 3.6%.
  • Goldcorp (GG) advanced 2.8%.
  • Kinross Gold (KGC) jumped 5.2%.
  • Newmont Mining (NEM) moved up 2.4%.
  • NovaGold Resources (NG) climbed 3.7%.
  • Yamana Gold (AUY) rose 3.2%.

Silver mining shares gained during the day.

  • Coeur d’Alene Mines (CDE) rose 3%.
  • Hecla Mining (HL) climbed 2.3%.
  • Pan American Silver (PAAS) added 2.7%.
  • Silver Wheaton (SLW) gained 2.9%.
  • Silver Standard Resources soared 10%.

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/2014/02/gold-ends-week-nearly-2-gain/.

©2014 InvestorPlace Media, LLC

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