Gold Nears $1,700 on Mixed Economic Reports
By Eric McWhinnie | January 18, 2013 7:09 AM EST
On Thursday, gold ( for February delivery, the most active contract, increased $7.60 to settle at $1,690.80 per ounce, while silver (NYSEARCA:SLV) futures for March rose 27 cents to close at $31.81.
Both precious metals climbed higher in the face of conflicting economic reports. Jobless claims fell 37,000 to a seasonally adjusted 335,000 last week, according to the Labor Department. It was the lowest level for unemployment benefit applications in five years.
However, the Federal Reserve Bank of Philadelphia’s manufacturing index plunged to a negative 5.8 in January, compared to 4.6 in December. The median forecast of 58 economists surveyed by Bloomberg was 5.6, leading to the biggest miss in seven months.
In afternoon , the SPDR Gold Trust (NYSEARCA:GLD) increased 0.70 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained 1.20 percent. However, gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) edged slightly lower. Silver names such as First Majestic Silver (NYSE:AG) and Silver Wheaton (NYSE:SLW) increased 1.20 percent and 0.30 percent, respectively.
Investor Insight: Germany Takes Back Its Gold
If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Copyright Wall St Cheat Street All rights reserved.
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS