Gold was moving higher early Thursday after the U.S. Department of Labor reported worse-than-expected weekly unemployment claims for the week ended Sept. 3. Spot gold was up $37.70 per ounce, more than 2%, hitting a high of $1,866.60 and a low of $1,839.20. Spot silver was up 76 cents per ounce, hitting an early Thursday high of $42.77 and a low of $42.06.
The London p.m. fix price for spot gold was set at $1,855. The London a.m. silver price fix came in at $42.14, .
The Labor Department reported that seasonally adjusted weekly jobless claims totaled 414,000 the week ended Sept. 3, a weekly increase of 2,000. The four-week moving average totaled 414,750, an increase of 3,750 from the previous week’s revised 411,000.
Market participants awaited President Barack Obama’s speech and expected announcement of a jobs stimulus program Thursday night, as well as a speech later Thursday from Federal Reserve Chairman Ben Bernanke.
Gold and silver trusts were higher in exchange trading early Thursday.
- The SPDR Gold Trust (NYSE:) was showing gains of around 1.7%.
- The iShares Gold Trust (NYSE:) was up about the same.
- The iShares Silver Trust (NYSE:) was around 1.3% higher.
Gold and silver mining ETFs were higher as well.
- The Market Vectors Gold Miners ETF (NYSE:) was up more than 1.6%.
- The Market Vector Junior Gold Miners ETF (NYSE:) was around 2.8% higher.
- The Global X Silver Miners ETF (NYSE:) was showing gains of around 1.75%.
Shares of gold miners were showing broad gains, with Newmont Mining up strongly but NovaGold Resources down sharply.
- Agnico Eagle Mines (USA) (NYSE:) was nearly 1% higher.
- Barrick Gold Corp. (NYSE:) was up around 1.5%.
- Goldcorp (NYSE:) was trading around 1.3% higher.
- Newmont Mining Corp. (NYSE:) was up over 3%.
- NovaGold Resources (USA) (AMEX:) was down between 4% and 5%.
Silver mining shares also were showing gains early Thursday.
- Coeur D’Alene Mines Corp. (NYSE:) was around 0.8% higher.
- Hecla Mining (NYSE:) was up 2.25%.
- Pan American Silver Corp. (USA) (NASDAQ:) was around 1.4% higher.
- Silver Wheaton Corp. (USA) (NYSE:) was moving between slight gains and losses.
- Silver Standard Resources Inc. (USA) (NASDAQ:) was up around 1.2%.
The author does not hold positions in any of the above-mentioned investments.
