Gold Inches Higher Ahead of Jobs Report

by Christopher Freeburn | October 21, 2013 4:26 pm

Gold Silver GLD IAU SLV[1]Gold rose fractionally in Monday trading as investors looked ahead to the release of the Labor Department’s monthly non-farm payroll report on Tuesday. The report usually is released at the beginning of the month, but was delayed by the U.S. government shutdown, which was finally resolved last week.

Economists expect tomorrow’s report to show that the U.S. economy added about 18o,000 new jobs in September. The U.S. Federal Reserve has signaled that it will not begin tapering its monthly bond-buying until it sees sustained employment growth.

Gold futures for December delivery edged up 0.1% to $1,315.80 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,323.90 and as low as $1,312. Bullion closed in London at $1,318, according to BullionVault[3].

Silver futures for December climbed 1.7% to $22.28 per ounce. Monday’s high for silver was $22.34, while the low was $21.85.

Metal funds advanced in Monday trading.

Mining ETFs improved during the day.

Gold stocks climbed on Monday.

Silver mining shares 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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