Gold Gains on Weak U.S. Economic Reports

by Christopher Freeburn | April 18, 2013 4:46 pm

Gold Silver GLD IAU SLV[1]A series of lackluster reports on the U.S. economy sent gold higher in Thursday trading. Both the Philadelphia Federal Reserve’s economic conditions index and the Conference Board’s leading economic index slipped, while the Labor Department chimed in with a stronger-than-expected increase in first-time unemployment benefit claims last week.

Gold futures for May delivery climbed 0.7% to $1,392 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,401.30 and as low as $1,337. Gold bullion closed in London at $1,388, according to BullionVault[3].

Silver futures for May delivery dipped 0.3% to $23.25 per ounce. Thursday’s high for silver was $23.66, while the low was $22.44.

Gold and silver funds mostly advanced in Thursday trading.

Gold and silver mining ETFs gained during the day.

Gold mining shares moved higher on Thursday.

Silver mining shares climbed during the day.

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.

  1. [Image]:
  2. CME Group:
  3. BullionVault:
  4. GLD:
  5. IAU:
  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. AEM:
  11. ABX:
  12. EGO:
  13. GG:
  14. KGC:
  15. NEM:
  16. NG:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

Source URL:
Short URL: