Gold Slips on Better U.S. Jobs Data

by Christopher Freeburn | January 8, 2014 4:37 pm

Gold Silver GLD IAU SLV[1]A report showing higher-than-expected U.S. hiring last month sent gold lower in Wednesday trading. It marked the metal’s third straight losing session.

The ADP jobs report showed that private employers added 238,000 new jobs in December. That topped the 200,000 jobs that economists were expecting and supplied more evidence of a recovering U.S. job market. The U.S. dollar improved against other currencies during the day.

Gold futures for February delivery slipped 0.3% to $1,225.50 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,231.80 and as low as $1,218.30. Bullion closed in London at $1,226, according to BullionVault[3].

Silver futures for March delivery dropped 1.3%, to $19.54 per ounce. Wednesday’s high for silver was $19.87, while the low was $19.31.

Metal funds faded on Wednesday.

Mining ETFs slumped during the day.

Gold stocks mostly sank on Wednesday.

Silver mining shares mostly pulled back 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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