Gold Nears $1,700 on Mixed Economic Reports

  • Rate this Story
  • 0
  • 0

By Eric McWhinnie | January 18, 2013 7:09 AM EST

Wall St. Cheat Sheet

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.

  • Rate this Story
  • 0
  • 0
The article was first published by Wall St. Cheat Sheet and does not represent the views or opinions of International Business Times.

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.