Gold gained in Thursday trading as investors awaited the release of the Labor Department’s February jobs report on Friday.
New York Federal Reserve Bank President William Dudley told the Wall Street Journal that he will suggest doing away with the Fed’s 6.5% unemployment rate threshold for raising in short-term interest rates at the central bank’s meeting later this month. He described the unemployment rate threshold as “obsolete.” Dudley also said that the Fed is committed to tapering its monthly bond-buying and that the economic “outlook would have to change in a material way” for the Fed to alter its course.
Gold futures for April delivery rose 0.9% to $1,351.80 per ounce on Thursday, according to CME Group. Gold traded as high as $1,352.50 and as low as $1,331.30. Bullion closed in London at $1,352, according to BullionVault.
Silver futures for May delivery also rose 1.2% to $21.57 per ounce. Thursday’s high for silver was $21.65, while the low was $21.11.
Metal funds moved higher on Thursday.
- The SPDR Gold Shares (GLD) added 1%.
- The iShares Gold Trust (IAU) rose 1%.
- The iShares Silver Trust (SLV) climbed 1.5%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX) increased 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) gained 1.7%.
- The Global X Silver Miners ETF (SIL) jumped 2.3%.
Gold stocks mostly improved on Thursday.
- Agnico-Eagle Mines (AEM) climbed 1.8%.
- Barrick Gold (ABX) dipped 0.2%.
- Eldorado Gold (EGO) rose 0.4%.
- Goldcorp (GG) added 1.1%.
- Kinross Gold (KGC) dropped 1.4%.
- Newmont Mining (NEM) gained 1.6%.
- NovaGold Resources (NG) jumped 6.2%.
- Yamana Gold (AUY) moved up 0.9%.
Silver mining shares gained during the day.
- Coeur d’Alene Mines (CDE) rose 2%.
- Hecla Mining (HL) increased 1.4%.
- Pan American Silver (PAAS) added 0.8%.
- Silver Wheaton (SLW) moved up 0.8%.
- Silver Standard Resources (SSRI) advanced 2.1%.
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.