Gold Gains as U.S. Dollar Cools

by Christopher Freeburn | July 25, 2013 6:13 pm

Gold Silver GLD IAU SLV[1]A pair of economic reports that painted a mixed picture of the U.S. economy sent the U.S. dollar lower and gold higher in Thursday trading.

The government reported that orders for durable goods manufactured in the U.S. rose 4.2% last month, topping economists’ expectations. However, most of the gain was driven by a surge in commercial and military aircraft orders. Excluding the volatile transportation sector, orders for durable goods were mostly flat. The Labor Department announced that first-time claims for unemployment benefits also rose more than expected, suggesting that U.S. hiring remains sluggish.

Gold futures for August delivery climbed 0.7% to $1,328.80 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,331.90 and as low as $1,308.40. Gold bullion closed in London at $1,333, according to BullionVault[3].

Silver futures for August delivery also rose 0.7% to $20.15 per ounce. Thursday’s high for silver was $20.19, while the low was $19.78.

Gold and silver funds rose in Thursday trading.

Gold and silver mining ETFs improved during the day.

Gold mining shares mostly climbed on Thursday.

Silver mining shares moved higher 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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