Gold, Silver Push Higher Amid U.S. Unemployment, Manufacturing Data

Gold and silver were higher Thursday morning following encouraging reports on the U.S. labor market and N.Y. State regional manufacturing. Spot gold was down 0.25% as of 12:20 p.m., having traded as high as 1,652.70 and as low as 1,638.70, according to Kitco market data. The London afternoon reference price was fixed at $1,648, $42 an ounce lower than Tuesday’s reference price.

Spot silver was showing a 0.75% gain, bid at $32.39 with an ask price of $32.49. The morning high as of time of writing was $32.55 and the low was $31.84. Thursday’s reference price was set at $32.36 in the London a.m., $1.22 an ounce below Tuesday’s reference price.

Seasonally adjusted initial unemployment claims for the week ended March 10 totaled 351,000, down 14,000 from the previous week’s revised 365,000. The less-volatile four-week moving average was unchanged at 355,750, according to the Labor Dept.’s latest report.

Manufacturing activity in the New York region expanded moderately in March with the general business conditions index little changed at 20.2, but registering its fourth consecutive monthly increase, according to the New York Federal Reserve Bank’s Empire State Manufacturing Survey. “The new orders and shipment indexes were both positive but slightly lower, indicating continued growth in orders and shipments, though at a somewhat slower pace than in the last month,” according to the report.

Gold bullion prices were moving higher in London morning trading Thursday, moving toward $1,650 an ounce, according to BullionVault’s London Gold Market report.

“Overall, the [gold price] looks rather vulnerable with a likelihood of testing lower levels before it resumes it upward run,” says refinery and finance group MKS in its latest note. “What seems to be surprising at these levels is lack of firm physical demand.”

Gold and silver trusts also were moving higher in U.S. stock exchange trading.

• The SPDR Gold Trust (NYSE:GLD) was moving higher, up more than 0.4%.
• The iShares Gold Trust (NYSE:IAU) was up more than 0.4%.
• The iShares Silver Trust (NYSE:SLV) was up nearly 0.7%.

The junior gold- and silver-mining ETFs were showing gains, with the Market Vectors Gold Miners ETF showing slight losses.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was showing slight losses of less than 0.1%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was showing gains of some 1.1%.
• The Global X Silver Miners ETF (NYSE:SIL) was up around 0.35%.

Gold-mining shares were broadly higher, Agnico-Eagle Mines and Newmont Mining the exceptions.

• Agnico-Eagle Mines (NYSE:AEM) was showing losses of around 0.9%.
• Barrick Gold (NYSE:ABX) was up more than 1%.
  
• Eldorado Gold (NYSE:EGO) was up around 0.5%.
  
• Goldcorp (NYSE:GG) was higher, up between 0.05% and 0.2%.
  
• Kinross Gold Corp. USA (NYSE:KGC) was up between 0.3% and 0.6%.
  
• Newmont Mining (NYSE:NEM) was down more than 0.6%.
  
• NovaGold Resources (NYSEAMEX:NG) was up around 1.%.
  
• Yamana Gold (USA) (NYSE:AUY) was up more than 1.6%.

Silver-mining shares were mixed.

• Coeur d’Alene Mines (NYSE:CDE) was showing losses of around 1%.
  
• Hecla Mining (NYSE:HL) was down nearly 0.9%.
  
• Pan American Silver (NASDAQ:PAAS) was showing gains of around 0.2%.
  
• Silver Wheaton (NYSE:SLW) was up nearly 1%.
  
• Silver Standard Resources (NASDAQ:SSRI) was down some 2.2%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.