Gold climbed in Wednesday trading, marking the metal’s first increase in six sessions. Gold rose despite a report from ADP (ADP) showing stronger U.S. jobs growth in March. The government will release its much-watched March jobs report on Friday.
ADP said that private employers added 191,000 new jobs last month. That was an improvement from 178,000 in February. Economists expect the Labor Department to report that non-farm payroll rose by about 200,000 new jobs last month. Earlier this week, Federal Reserve Chairwoman Janet Yellen said that not enough Americans were employed full-time and indicated that the central bank would continue to stimulate the economy for “some time.”
Gold futures for June delivery rose 0.8% to $1,290.80 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,294.90 and as low as $1,278.90. Bullion closed in London at $1,291, according to BullionVault.
Silver futures for May delivery also jumped 1.8% to settle at $20.05 per ounce. Wednesday’s high for silver was $20.15, while the low was $19.73.
Metal funds advanced on Wednesday.
- The SPDR Gold Shares (GLD) added 0.7%.
- The iShares Gold Trust (IAU) increased 0.7%.
- The iShares Silver Trust (SLV) rose 0.7%.
Mining ETFs gained during the day.
- The Market Vectors Gold Miners ETF (GDX) moved up 2.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) surged 5.6%.
- The Global X Silver Miners ETF (SIL) advanced 2%.
Gold stocks mostly climbed on Tuesday.
- Agnico-Eagle Mines (AEM) rose 1.7%.
- Barrick Gold (ABX) surged 4.2%.
- Eldorado Gold (EGO) increased 3%.
- Goldcorp (GG) added 2.1%.
- Kinross Gold (KGC) moved up 2.6%.
- Newmont Mining (NEM) gained 3.4%.
- NovaGold Resources (NG) advanced 3%.
- Yamana Gold (AUY) slipped 2.2%.
Silver mining shares improved during the day.
- Coeur d’Alene Mines (CDE) added 1.8%.
- Hecla Mining (HL) gained 2.9%.
- Pan American Silver (PAAS) rose 1.9%.
- Silver Wheaton (SLW) climbed 1.6%.
- Silver Standard Resources (SSRI) surged 3.3%.
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.