Gold Drops On Stronger February Jobs Report
by Christopher Freeburn | March 7, 2014 5:00 pm
[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.
- The SPDR Gold Shares (GLD[5]) slid 0.9%.
- The iShares Gold Trust (IAU[6]) fell 0.8%.
- The iShares Silver Trust (SLV[7]) dropped 2.8%.
Mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX[8]) decreased 2.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) fell back 2.3%.
- The Global X Silver Miners ETF (SIL[10]) declined 2.8%.
Gold stocks retreated on Friday.
- Agnico-Eagle Mines (AEM[11]) sank 2.4%.
- Barrick Gold (ABX[12]) slid 2.2%.
- Eldorado Gold (EGO[13]) moved down 2.3%.
- Goldcorp (GG[14]) fell 2.8%.
- Kinross Gold (KGC[15]) fell 1.9%.
- Newmont Mining (NEM[16]) slipped 1.3%.
- NovaGold Resources (NG[17]) tumbled 6.7%.
- Yamana Gold (AUY[18]) decreased 2.3%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE[19]) dropped 3.9%.
- Hecla Mining (HL[20]) fell 2.5%.
- Pan American Silver (PAAS[21]) slid 1.2%.
- Silver Wheaton (SLW[22]) sank 3.3%.
- Silver Standard Resources (SSRI[23]) dipped 1.5%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- had expected just 149,000 new jobs in February: https://investorplace.com/2014/03/february-jobs-report-unemployment-rate/
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/03/gold-drops-stronger-february-jobs-report/