Gold Climbs as U.S. Dollar Tumbles

by Christopher Freeburn | June 6, 2013 4:47 pm

Gold Silver GLD IAU SLV[1]The 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.

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[2]. 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[3].

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.

Gold and silver mining ETFs moved higher during the day.

Gold mining shares mostly gained on Thursday.

Silver mining shares mostly gained 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.

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