Gold adds $2/ounce after US employment data weighs on greenback

Gold prices tacked on $2 per ounce this afternoon, after disappointing US employment numbers weighed down the greenback, shifting investors into the relative safety of the yellow metal.

Gold prices have fluctuated around the $1233 per ounce level for most of the afternoon, trading as high as $1237 per ounce at one point.  The yellow metal is trading at $1232 per ounce as of 2:18 pm E.T. 

In the past year, spot gold prices have increased approximately30% from $950 per ounce.

Unlike gold, which trended upwards early in the day to trade sideways in the afteernoon,  silver has trended consistently downwards intraday to trade at $18.31 per ounce. 

Performances of gold stocks were mixed led the sector, powering ahead  with a 6% gain. Kinross Gold (TSE: K, NYSE: KGC) edged up 1% Barrick Gold (TSE:ABX, NYSE:ABX) and NovaGold Resources (TSE: NG, AMEX: NG) advanced as well, gaining 0.09% and 0.44%, respectively.

IAMGold (TSE:IMG, NYSE:IAG)  was one of the sharpest decliners. Seperately IAMGOLD anounced an agreement to sell its Lac Knife Graphite project to junior exploration company Focus Metals (CVE:FMS). 

Tanzanian gold explorer, Tanzanian Royalty Exploration (TSE:TNX, AMEX:TRE) and Great Basin Gold (TSE:GBG, AMEX:GBG) also showed declines, retreating 1.65% and 3.29%, respectively. 

Like the gold sector, intraday performance for silver companies have been mixed.

Pan American Silver (TSE:PAA , NASDAQ:PAAS) delivered a slight gain of 0.86%.  Other notable gainers include Hecla Mining (NYSE:HL) and Coeur D’Alene Mines (NYSE:CDE, ASX:CXC), each advancing 0.5% and 4.5%, respectively. 

Story by ProactiveInvestors

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