Gold Jumps Despite Better Private Jobs Data

by Christopher Freeburn | December 4, 2013 4:23 pm

Gold Silver GLD IAU SLV[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.

Mining ETFs advanced during the day.

Gold stocks climbed sharply on Wednesday.

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[24] contributed to this report.

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