Gold 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.