Gold Jumps Above $1,300 an Ounce on March Jobs Data
by Christopher Freeburn | April 4, 2014 4:58 pm
[1]Gold surged in Friday trading after the Labor Department reported that the U.S. economy added fewer jobs than Wall Street had anticipated last month. Gold closed back above $1,300 an ounce, and posted a gain of 0.7% for the week.
The government said that non-farm payrolls rose by 192,000 in March. That fell slightly short of the 200,000 new jobs that economists had forecast.
Gold futures for June delivery climbed 1.5% to $1,303.50 per ounce on Friday, according to CME Group[2]. Gold prices were as high as $1,307.50 and as low as $1,284.40. Bullion closed in London at $1,304, according to BullionVault[3].
Silver futures for May delivery added 0.7% to settle at $19.95 per ounce. Friday’s high for silver was $20.23, while the low was $19.79.
Metal funds gained on Friday.
- The SPDR Gold Shares (GLD[4]) rose 1.4%.
- The iShares Gold Trust (IAU[5]) added 1.4%.
- The iShares Silver Trust (SLV[6]) increased 0.5%.
Mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) advanced 0.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) jumped 1.7%.
- The Global X Silver Miners ETF (SIL[9]) edged up 0.3%.
Gold stocks advanced on Friday.
- Agnico-Eagle Mines (AEM[10]) added 1.4%.
- Barrick Gold (ABX[11]) rose 0.7%.
- Eldorado Gold (EGO[12]) jumped 3.1%.
- Goldcorp (GG[13]) climbed 1.2%.
- Kinross Gold (KGC[14]) increased 2.1%.
- Newmont Mining (NEM[15]) was flat.
- NovaGold Resources (NG[16]) moved up 1.2%.
- Yamana Gold (AUY[17]) gained 1.4%.
Silver mining shares mostly retreated during the day.
- Coeur d’Alene Mines (CDE[18]) fell 1.3%.
- Hecla Mining (HL[19]) slipped 0.3%.
- Pan American Silver (PAAS[20]) dipped 0.1%.
- Silver Wheaton (SLW[21]) sank 0.4%.
- Silver Standard Resources (SSRI[22]) surged 2.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- 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/2014/04/gold-jumps-1300-ounce-march-jobs-data/