Gold Inches Higher on Weak U.S. Jobs Report

Gold Silver GLD IAU SLVA weaker-than-expected report on U.S. hiring in May sent the U.S. dollar down and equities tumbling in Wednesday trading. Despite the news, gold managed to eek out just a small gain as worries over the Federal Reserve’s commitment to economic stimulus continued to gain traction with investors.

Gold futures for July delivery edged up 0.1% to $1,398.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,410.20 and as low as $1,395.10. Gold bullion closed in London at $1,405, according to BullionVault.

Silver futures for July delivery rose 0.3% to $22.47 per ounce. Wednesday’s high for silver was $22.74 while the low was $22.29.

Gold and silver funds were mostly higher in Wednesday trading.

  • The SPDR Gold Trust (GLD) increased 0.2%.
  • The iShares Gold Trust (IAU) also rose 0.2%.
  • The iShares Silver Trust (SLV) dipped 0.1%.

Gold and silver mining ETFs mostly slipped during the day.

  • The Market Vectors Gold Miners ETF (GDX) inched up 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.5%.
  • The Global X Silver Miners ETF (SIL) dropped 1.6%.

Gold mining shares advanced modestly on Wednesday.

  • Agnico-Eagle Mines (AEM) gained 1.4%.
  • Barrick Gold (ABX) added 0.6%.
  • Eldorado Gold (EGO) increased 0.6%.
  • Goldcorp (GG) dipped 0.1%.
  • Kinross Gold (KGC) climbed 0.9%.
  • Newmont Mining (NEM) improved 0.4%.
  • NovaGold Resources (NG) rose 1%.
  • Yamana Gold (AUY) was flat.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.2%.
  • Hecla Mining (HL) was unchanged.
  • Pan American Silver (PAAS) increased 0.6%.
  • Silver Wheaton (SLW) was flat.
  • Silver Standard Resources (SSRI) dipped 0.1%.

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.

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