Gold Halts Losing Streak While Silver Edges Lower
On Thursday, gold (NYSEARCA:GLD) futures for June delivery increased $1.30 to settle at $1,595.50 per ounce, halting its recent losing streak at three days. Meanwhile, silver (NYSEARCA:SLV) futures edged 6 cents lower to close at $29.18.
Precious metals were mixed as various economic reports were released today. The Labor Department said new claims for unemployment benefits fell slightly last week. Initial claims for state unemployment benefits decreased 1,000 to a seasonally adjusted 367,000. However, the prior week’s number was revised up by 3,000 claims to 368,000.
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A separate report by the Commerce Department showed that the U.S. trade deficit increased more than expected in March, due to a record high in imports. The trade gap jumped 14.1 percent to $51.8 billion, the largest increase in almost a year. Economists were expecting the figure to be $50 billion.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) edged .30 percent higher, while the iShares Silver Trust (NYSEARCA:SLV) traded flat. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) both climbed about .50 percent higher. Silver miners (NYSEARCA:SIL) such as Silvercorp Metals Inc. (NYSE:SVM) and Hecla Mining Co. (NYSE:HL) increased 1.45 percent and 3.23 percent, respectively.
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Disclosure: Long EXK, AG, HL, PHYS