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Weak Jobs Report Lessens Gold Slide

Gold and silver futures fell, while miners mostly rose


Gold Silver GLD IAU SLVGold rebounded from session lows after a report on U.S. employment last month suggested that the American economy is slowing, possibly increasing the chance that the federal government will continue stimulus efforts. Despite the recovery, gold still closed down for the day.

Gold futures for February delivery fell 1.5% to $1,648.90 on Friday, according to CME Group. Gold traded as high as $1,664.50 and as low as $1,626. Gold bullion closed in London at $1,659, according to BullionVault.

Why Gold MUST Go Higher
Why Gold MUST Go Higher

Silver futures for February delivery dropped 2.6% % to $29.92 per ounce. Friday’s high for silver was $30.21, while the low was $29.25.

Gold and silver funds were mixed in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.5%.
  • The iShares Gold Trust (NYSE:IAU) also declined 0.5%.
  • The iShares Silver Trust (NYSE:SLV) gained 0.2%.

Gold and silver mining ETFs were also mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) added 1.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dropped 0.8%.

Gold mining shares were mostly higher, with NovaGold Resources (NYSE:NG) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) declined 0.9%.
  • Barrick Gold (NYSE:ABX) rose 0.4%.
  • Eldorado Gold (NYSE:EGO) edged down 0.1%.
  • Goldcorp (NYSE:GG) climbed 0.4%.
  • Kinross Gold (NYSE:KGC) slipped 0.2%.
  • Newmont Mining (NYSE:NEM) rose 0.7%.
  • NovaGold Resources climbed 1.5%.
  • Yamana Gold (NYSE:AUY) advanced 0.2%.

Silver mining shares mostly advanced on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.6%.
  • Hecla Mining (NYSE:HL) sank 1.5%.
  • Pan American Silver (NASDAQ:PAAS) rose 1%.
  • Silver Wheaton (NYSE:SLW) increased 0.3%
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.1%.

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,

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