Gold Gains as Investors Await Jobs Data

by Christopher Freeburn | April 2, 2014 4:58 pm

Gold Silver GLD IAU SLV[1]Gold climbed in Wednesday trading, marking the metal’s first increase in six sessions. Gold rose despite a report from ADP (ADP[2]) 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[3]. 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[4].

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.

Mining ETFs gained during the day.

Gold stocks mostly climbed on Tuesday.

Silver mining shares improved 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.

Endnotes:

  1. [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. ADP: http://studio-5.financialcontent.com/investplace/quote?Symbol=ADP
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

Source URL: https://investorplace.com/2014/04/gold-gains-investors-await-jobs-data/