Gold Jumps Above $1,300 an Ounce on March Jobs Data

Gold Silver GLD IAU SLVGold surged in Friday trading after the Labor Department reported that the U.S. economy added fewer jobs than Wall Street had anticipated last month. Gold closed back above $1,300 an ounce, and posted a gain of 0.7% for the week.

The government said that non-farm payrolls rose by 192,000 in March. That fell slightly short of the 200,000 new jobs that economists had forecast.

Gold futures for June delivery climbed 1.5% to $1,303.50 per ounce on Friday, according to CME Group. Gold prices were as high as $1,307.50 and as low as $1,284.40. Bullion closed in London at $1,304, according to BullionVault.

Silver futures for May delivery added 0.7% to settle at $19.95 per ounce. Friday’s high for silver was $20.23, while the low was $19.79.

Metal funds gained on Friday.

  • The SPDR Gold Shares (GLD) rose 1.4%.
  • The iShares Gold Trust (IAU) added 1.4%.
  • The iShares Silver Trust (SLV) increased 0.5%.

Mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) advanced 0.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) jumped 1.7%.
  • The Global X Silver Miners ETF (SIL) edged up 0.3%.

Gold stocks advanced on Friday.

  • Agnico-Eagle Mines (AEM) added 1.4%.
  • Barrick Gold (ABX) rose 0.7%.
  • Eldorado Gold (EGO) jumped 3.1%.
  • Goldcorp (GG) climbed 1.2%.
  • Kinross Gold (KGC) increased 2.1%.
  • Newmont Mining (NEM) was flat.
  • NovaGold Resources (NG) moved up 1.2%.
  • Yamana Gold (AUY) gained 1.4%.

Silver mining shares mostly retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 1.3%.
  • Hecla Mining (HL) slipped 0.3%.
  • Pan American Silver (PAAS) dipped 0.1%.
  • Silver Wheaton (SLW) sank 0.4%.
  • Silver Standard Resources (SSRI) surged 2.9%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

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