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Gold Climbs as U.S. Dollar Tumbles

Mining stocks mostly rose during the day


Gold Silver GLD IAU SLVThe U.S. dollar fell sharply against both the euro and the Japanese yen on Thursday in the face of worries over the pace of U.S. hiring.

The dollar’s woe proved gold’s gain. The precious metal rose on the day amid fears that the Labor Department’s non-farm payroll report would fall short of forecasts.

Stocks, Bonds, And Gold: Where Do We Go From Here?
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Gold also managed to benefit from concern that equities markets — which have surged to record highs in recent months — could be nearing a major correction.

Gold futures for July delivery climbed 1.2% to $1,415.80 per ounce on Thursday, according to CME Group. Gold traded as high as $1,423.10 and as low as $1,395.10. Gold bullion closed in London at $1,415, according to BullionVault.

Silver futures for July delivery gained 1% to $22.71 per ounce. Thursday’s high for silver was $22.84 while the low was $22.26.

Gold and silver funds improved modestly in Thursday trading.

  • The SPDR Gold Trust (GLD) rose 0.7%.
  • The iShares Gold Trust (IAU) also increased 0.7%.
  • The iShares Silver Trust (SLV) climbed 0.6%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) advanced 2.2%.
  • The Global X Silver Miners ETF (SIL) moved up 1.5%.

Gold mining shares mostly gained on Thursday.

  • Agnico-Eagle Mines (AEM) added 1.7%.
  • Barrick Gold (ABX) inched up 0.6%.
  • Eldorado Gold (EGO) climbed 2%.
  • Goldcorp (GG) rose 1.7%.
  • Kinross Gold (KGC) fell 0.9%.
  • Newmont Mining (NEM) advanced 1%.
  • NovaGold Resources (NG) jumped 2.3%.
  • Yamana Gold (AUY) improved 2%.

Silver mining shares mostly gained during the day.

  • Coeur d’Alene Mines (CDE) added 1%.
  • Hecla Mining (HL) dropped 2.6%.
  • Pan American Silver (PAAS) rose 1.3%.
  • Silver Wheaton (SLW) increased 0.9%.
  • Silver Standard Resources (SSRI) climbed 1.8%.

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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