Gold Slips on Solid November Jobs Report

by Christopher Freeburn | December 6, 2013 5:09 pm

Gold Silver GLD IAU SLV[1]A better-than-expected report on U.S. hiring pushed gold slightly lower in Friday trading. The metal ended the week with a 1.7% loss.

The Labor Department said that the U.S. economy produced 203,000 new non-farm jobs in November, topping the 180,000 new hires forecast by economists. Federal Reserve officials have said a recovering job market is one factor that could prompt them to curtail the central bank’s monthly bond-buying in the near term.

Gold futures for February dipped 0.2% to $1,229 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,245 and as low as $1,210.10. Bullion closed in London at $1,231, according to BullionVault[3].

Silver futures for March delivery edged down 0.2% to $19.52 per ounce. Friday’s high for silver was $19.79, while the low was $19.17.

Metal funds moved slightly higher on Friday.

Mining ETFs were mixed during the day.

Gold stocks mostly faded on Friday.

Silver mining shares were mixed 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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