Gold Rises on Weak January Jobs Data

by Christopher Freeburn | February 5, 2014 4:37 pm

Gold Silver GLD IAU SLV[1]Gold climbed modestly in Wednesday trading after a report from ADP (ADP[2]) showed less U.S. job creation in January than economists had expected. The U.S. dollar and stock markets moved lower during the day.

ADP said that private U.S. employers added 175,000 workers last month. That was less than the 227,000 workers ADP said were hired in December. It was also less than the 189,000 new jobs that economists had expected ADP to report for January. On Friday, the Labor Department will issue its closely-watched jobs report for January.

Gold futures for April delivery rose 0.5% to $1,256.90 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,274.50 and as low as $1,251.80. Bullion closed in London at $1,259, according to BullionVault[4].

Silver futures for March delivery jumped 2% to $19.80 per ounce. Wednesday’s high for silver was $20.34, while the low was $19.44.

Metal funds improved on Wednesday.

Mining ETFs were mixed during the day.

Gold stocks sank on Wednesday.

Silver mining shares mostly retreated during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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