Gold Gains After Weak U.S. Jobs Report

by Christopher Freeburn | September 6, 2013 4:38 pm

Gold Silver GLD IAU SLV[1]Gold rose in Friday trading, boosted by a report showing lower-than-expected U.S. hiring[2] in August. The news appeared to dampen the likelihood that the Federal Reserve would begin tapering its monthly bond-buying sooner than later.

The Labor Department reported that non-farm payrolls climbed by just 169,000, well below the 180,000 that economists had forecast. The Fed has cited the U.S. job market as one of the indicators it is watching to determine the timing for winding down its economic stimulus efforts.

Gold futures for December delivery rose 1% to $1,386.50 per ounce on Friday, according to CME Group[3]. Gold traded as high as $1,393.60 and as low as $1,358.80. Gold bullion closed in London at $1,391, according to BullionVault[4].

Silver futures for December delivery jumped 2.7% to $23.89 per ounce. Friday’s high for silver was $23.99, while the low was $23.08.

Gold and silver funds climbed in Friday trading.

Gold and silver mining ETFs improved during the day.

Gold mining shares climbed on Friday.

Silver mining shares mostly advanced 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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  2. by a report showing lower-than-expected U.S. hiring:
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  24. BullionVault:

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