Gold Dodges Broad Market Pullback
On Thursday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, gained $9.80 to close at $1,392.20 per ounce, while silver (NYSEARCA:SLV) futures for May dipped 6 cents to finish at $23.25.
Although it has been a rough week for precious metals, gold closed the day nearly $60 above the low made on Monday. Meanwhile, the Dow Jones Industrial Average and S&P 500 both declined and are on pace for their worst week of the year.
The idea that the labor market recovery is losing steam is gaining more adherents. After the Labor Departments Employment situation report showed that employers added just 88,000 workers to their payrolls last month, following the solid 268,000 added in February, last weeks unemployment data showed that the number of Americans filing new claims for unemployment benefits rose 4,000 to a seasonally adjusted 352,000.
By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) gained 1.08 percent, while the iShares Silver Trust (NYSEARCA:SLV) slipped 0.18 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX) both jumped more than 1.0 percent. Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) also edged slightly higher.
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Disclosure: Long EXK, AG, HL, PHYS