A weaker-than-expected report on U.S. hiring in May sent the U.S. dollar down and equities tumbling in Wednesday trading. Despite the news, gold managed to eek out just a small gain as worries over the Federal Reserve’s commitment to economic stimulus continued to gain traction with investors.
Gold futures for July delivery edged up 0.1% to $1,398.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,410.20 and as low as $1,395.10. Gold bullion closed in London at $1,405, according to BullionVault.
Gold and silver funds were mostly higher in Wednesday trading.
- The SPDR Gold Trust (GLD) increased 0.2%.
- The iShares Gold Trust (IAU) also rose 0.2%.
- The iShares Silver Trust (SLV) dipped 0.1%.
Gold and silver mining ETFs mostly slipped during the day.
- The Market Vectors Gold Miners ETF (GDX) inched up 0.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.5%.
- The Global X Silver Miners ETF (SIL) dropped 1.6%.
Gold mining shares advanced modestly on Wednesday.
- Agnico-Eagle Mines (AEM) gained 1.4%.
- Barrick Gold (ABX) added 0.6%.
- Eldorado Gold (EGO) increased 0.6%.
- Goldcorp (GG) dipped 0.1%.
- Kinross Gold (KGC) climbed 0.9%.
- Newmont Mining (NEM) improved 0.4%.
- NovaGold Resources (NG) rose 1%.
- Yamana Gold (AUY) was flat.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE) slipped 0.2%.
- Hecla Mining (HL) was unchanged.
- Pan American Silver (PAAS) increased 0.6%.
- Silver Wheaton (SLW) was flat.
- Silver Standard Resources (SSRI) dipped 0.1%.
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.
