Gold Drops On Stronger February Jobs Report

by Christopher Freeburn | March 7, 2014 5:00 pm

Gold Silver GLD IAU SLV[1]Gold fell back in heavy Friday trading after a government report showed better-than-expected U.S. hiring in February.

The Labor Department said that the U.S. economy added 175,000 new jobs last month. That surprised economists, who had expected just 149,000 new jobs in February[2]. An improving U.S. job market makes it less likely that the Federal Reserve will slow the tapering of its monthly stimulus.

Gold futures for April delivery sank 1% to $1,338.30 per ounce on Friday, according to CME Group[3]. Gold traded as high as $1,353.20 and as low as $1,326.60. Bullion closed in London at $1,342, according to BullionVault[4].

Silver futures for May delivery tumbled 3% to $20.93 per ounce. Friday’s high for silver was $21.61, while the low was $20.76.

Metal funds declined on Friday.

Mining ETFs sank during the day.

Gold stocks retreated on Friday.

Silver mining shares pulled back 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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