Gold Inches Higher on Weak U.S. Jobs Report

by Christopher Freeburn | June 5, 2013 4:34 pm

Gold Silver GLD IAU SLV[1]A weaker-than-expected report on U.S. hiring in May[2] 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[3]. 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[4].

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.

Gold and silver mining ETFs mostly slipped during the day.

Gold mining shares advanced modestly on Wednesday.

Silver mining shares were mixed during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

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