Gold Jumps Despite Better Private Jobs Data
by Christopher Freeburn | December 4, 2013 4:23 pm
[1]Gold rallied on Wednesday, shaking off a report that showed better-than-expected U.S. job growth last month to rise sharply during the session.
ADP (ADP[2]) reported that private employers added 215,000 jobs during November. That surprised economists, who were expecting new hiring of about 170,000 workers during the month. A strengthening job market has been cited by Federal Reserve officials as a key metric that could lead the central bank to begin tapering its monthly bond-buying.
Gold futures for February delivery climbed 2.2% to $1,247.20 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,251.50 and as low as $1,210.80. Bullion closed in London at $1,246, according to BullionVault[4].
Silver futures for March delivery surged 4% to $19.83 per ounce. Wednesday’s high for silver was $19.89, while the low was $18.89.
Metal funds gained on Wednesday.
- The SPDR Gold Shares (GLD[5]) climbed 1.7%.
- The iShares Gold Trust (IAU[6]) also rose 1.7%.
- The iShares Silver Trust (SLV[7]) increased 3.2%.
Mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX[8]) added 3.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) improved 3.3%.
- The Global X Silver Miners ETF (SIL[10]) moved up 2.3%.
Gold stocks climbed sharply on Wednesday.
- Agnico-Eagle Mines (AEM[11]) gained 3.1%.
- Barrick Gold (ABX[12]) rose 1.1%.
- Eldorado Gold (EGO[13]) added 2.9%.
- Goldcorp (GG[14]) increased 2.7%.
- Kinross Gold (KGC[15]) improved 2.7%.
- Newmont Mining (NEM[16]) moved up 2.2%.
- NovaGold Resources (NG[17]) surged 5.8%.
- Yamana Gold (AUY[18]) advanced 4.6%.
Silver mining shares moved higher during the day.
- Coeur d’Alene Mines (CDE[19]) rose 3.8%.
- Hecla Mining (HL[20]) gained 4%.
- Pan American Silver (PAAS[21]) increased 4.6%.
- Silver Wheaton (SLW[22]) added 3.1%.
- Silver Standard Resources (SSRI[23]) moved up 2.4%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- ADP: http://studio-5.financialcontent.com/investplace/quote?Symbol=ADP
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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