Gold and Silver Report: Gold Prices Jump on Ukraine, AEM Stock Soars

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.

gold-and-silver-AEM-stockAgnico 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.

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