Gold Inches Higher on Weak ADP Jobs Data

Silver also moved higher and mining stocks mostly followed

   

Gold Inches Higher on Weak ADP Jobs Data

PreciousMetalsRecap Gold Inches Higher on Weak ADP Jobs DataGold gained slightly in Wednesday trading after a report showed that the U.S. economy added fewer than expected jobs last month.

ADP (ADP) reported that private employers hired just 139,000 new workers in February. That disappointed economists who had predicted 155,000 new jobs. ADP also slashed it estimate for January hiring from a previously-stated 175,000 to 127,000. A weakening U.S. job market could prompt the Federal Reserve to slow its tapering of monthly stimulus. The Labor Department will release its non-farm jobs report for February on Friday.

gold bars e1293656309230 Gold Inches Higher on Weak ADP Jobs Data
Gold, Silver Miners Will Shine Again

Gold futures for April delivery rose 0.2% to $1,340.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,342 and as low as $1,332.70. Bullion closed in London at $1,340, according to BullionVault.

Silver futures for May delivery also added 0.2% to $21.27 per ounce. Wednesday’s high for silver was $21.34, while the low was $21.16.

Metal funds were mixed on Wednesday.

  • The SPDR Gold Shares (GLD) rose 0.2%.
  • The iShares Gold Trust (IAU) was flat.
  • The iShares Silver Trust (SLV) dipped 0.1%.

Mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 1.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) increased 1.8%.
  • The Global X Silver Miners ETF (SIL) added 1.2%.

Gold stocks mostly advanced on Wednesday.

  • Agnico-Eagle Mines (AEM) rose 0.3%.
  • Barrick Gold (ABX) inched up 0.1%.
  • Eldorado Gold (EGO) climbed 2.5%.
  • Goldcorp (GG) gained 1.5%.
  • Kinross Gold (KGC) fell 1.8%.
  • Newmont Mining (NEM) added 1.8%.
  • NovaGold Resources (NG) surged 6.9%.
  • Yamana Gold (AUY) increased 0.9%.

Silver mining shares mostly moved higher during the day.

  • Coeur d’Alene Mines (CDE) was flat.
  • Hecla Mining (HL) added 1.5%.
  • Pan American Silver (PAAS) gained 1.8%.
  • Silver Wheaton (SLW) rose 1.7%.
  • Silver Standard Resources (SSRI) climbed 2%.

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/2014/03/gold-inches-higher-weak-adp-jobs-data/.

©2014 InvestorPlace Media, LLC

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