Gold Inches Higher on Weak ADP Jobs Data
by Christopher Freeburn | March 5, 2014 4:52 pm
[1]Gold gained slightly in Wednesday trading after a report showed that the U.S. economy added fewer than expected jobs last month.
ADP (ADP[2]) 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 futures for April delivery rose 0.2% to $1,340.30 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,342 and as low as $1,332.70. Bullion closed in London at $1,340, according to BullionVault[4].
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[5]) rose 0.2%.
- The iShares Gold Trust (IAU[6]) was flat.
- The iShares Silver Trust (SLV[7]) dipped 0.1%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX[8]) climbed 1.5%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) increased 1.8%.
- The Global X Silver Miners ETF (SIL[10]) added 1.2%.
Gold stocks mostly advanced on Wednesday.
- Agnico-Eagle Mines (AEM[11]) rose 0.3%.
- Barrick Gold (ABX[12]) inched up 0.1%.
- Eldorado Gold (EGO[13]) climbed 2.5%.
- Goldcorp (GG[14]) gained 1.5%.
- Kinross Gold (KGC[15]) fell 1.8%.
- Newmont Mining (NEM[16]) added 1.8%.
- NovaGold Resources (NG[17]) surged 6.9%.
- Yamana Gold (AUY[18]) increased 0.9%.
Silver mining shares mostly moved higher during the day.
- Coeur d’Alene Mines (CDE[19]) was flat.
- Hecla Mining (HL[20]) added 1.5%.
- Pan American Silver (PAAS[21]) gained 1.8%.
- Silver Wheaton (SLW[22]) rose 1.7%.
- Silver Standard Resources (SSRI[23]) climbed 2%.
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
- ADP: http://studio-5.financialcontent.com/investplace/quote?Symbol=ADP
- 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-inches-higher-weak-adp-jobs-data/