Gold Inches Higher on Weak ADP Jobs Data

by Christopher Freeburn | March 5, 2014 4:52 pm

Gold Silver GLD IAU SLV[1]Gold gained slightly in Wednesday trading after a report showed that the U.S. economy added fewer than expected jobs last month.

ADP (ADP[2]) reported that private employers hired just 139,000 new workers in February. That disappointed economists who had predicted 155,000 new jobs. ADP also slashed it estimate for January hiring from a previously-stated 175,000 to 127,000. A weakening U.S. job market could prompt the Federal Reserve to slow its tapering of monthly stimulus. The Labor Department will release its non-farm jobs report for February on Friday.

Gold futures for April delivery rose 0.2% to $1,340.30 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,342 and as low as $1,332.70. Bullion closed in London at $1,340, according to BullionVault[4].

Silver futures for May delivery also added 0.2% to $21.27 per ounce. Wednesday’s high for silver was $21.34, while the low was $21.16.

Metal funds were mixed on Wednesday.

Mining ETFs improved during the day.

Gold stocks mostly advanced on Wednesday.

Silver mining shares mostly 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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