Gold gained sharply in Friday trading, rising back above $1,300 an ounce, as Ukrainian government forces engaged Russian separatist militias in the eastern part of the country. Gold fell early in the session after the Labor Department released a report showing stronger U.S. hiring last month. However, reports of more fighting in Ukraine, including dozens dead in a fire at a trade union building in Odessa, bolstered the metal’s safe haven appeal.
Agnico Eagle Mines (AEM) surged during the day, outpacing other gold miners, after the company reported adjusted first-quarter net income of 61 cents a share on revenue of $491.77 million. That soundly beat the earnings of 22 cents a share on revenue of $443.27 million that Wall Street had expected. AEM stock closed up 9.2%.
Gold futures for June delivery surged 1.5% to $1,302.90 per ounce on Friday, according to CME Group. Gold prices were as high as $1,304.90 and as low as $1,272. Bullion closed in London at $1,300, according to BullionVault.
Silver futures for July delivery climbed 2.6% to $19.55 per ounce. Friday’s high for silver was $19.70, while the low was $18.91.
Here’s how metal-based funds and mining stocks fared on Friday:
Gold and Silver Funds
- The SPDR Gold Shares (GLD) rose 1%.
- The iShares Gold Trust (IAU) added 1%.
- The iShares Silver Trust (SLV) increased 1.9%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX) climbed 2.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) gained 2.5%.
- The Global X Silver Miners ETF (SIL) advanced 3%.
Gold Miners
- AEM stock jumped 9.2%.
- Barrick Gold Corporation (ABX) added 1.7%.
- Eldorado Gold (EGO) rose 3.5%.
- Goldcorp (GG) climbed 2.1%.
- Kinross Gold (KGC) increased 1.5%.
- Newmont Mining (NEM) moved up 0.8%.
- NovaGold (NG) gained 1.1%.
- Yamana Gold (AUY) advanced 0.8%.
Silver Miners
- Coeur d’Alene Mines (CDE) rose 1.5%.
- Hecla Mining (HL) climbed 2.6%.
- Pan American Silver (PAAS) gained 3.6%.
- Silver Wheaton (SLW) added 1.4%.
- Silver Standard Resources (SSRI) increased 3.8%.
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.
