Economists were surprised by Friday’s employment report, which showed the U.S. adding 204,000 new jobs last month, despite a lengthy U.S. government shutdown. The news raised fears that the Federal Reserve might begin pulling back on its monthly bond-buying earlier than anticipated.
Gold futures for December delivery declined 0.3% to $1,281.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,288.80 and as low as $1,278.10. Bullion closed in London at $1,284, according to BullionVault.
Silver futures for December dipped 0.2% to $21.28 per ounce. Monday’s high for silver was $21.45, while the low was $21.23.
Metal funds edged lower in Monday trading.
- The SPDR Gold Shares (GLD) dipped 0.3%.
- The iShares Gold Trust (IAU) also waned 0.3%.
- The iShares Silver Trust (SLV) slid 0.4%.
Mining ETFs were mostly sank during the day.
- The Market Vectors Gold Miners ETF (GDX) was flat.
- The Market Vectors Junior Gold Miners ETF (GDXJ) slipped 0.3%.
- The Global X Silver Miners ETF (SIL) inched down 0.1%.
Gold stocks were mixed on Monday.
- Agnico-Eagle Mines (AEM) fell 1.8%.
- Barrick Gold (ABX) slipped 0.1%.
- Eldorado Gold (EGO) climbed 3.4%.
- Goldcorp (GG) slid 0.2%.
- Kinross Gold (KGC) was flat.
- Newmont Mining (NEM) inched up 0.1%.
- NovaGold Resources (NG) jumped 7.1%.
- Yamana Gold (AUY) rose 0.9%.
Silver mining shares were also mixed during the day.
- Coeur d’Alene Mines (CDE) gained 2.4%.
- Hecla Mining (HL) rose 2.3%.
- Pan American Silver (PAAS) added 0.9%.
- Silver Wheaton (SLW) sank 0.2%.
- Silver Standard Resources (SSRI) fell 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.