Weekly unemployment claims came in better than expected ahead of tomorrow’s monthly employment report. Also bolstering market sentiment and risk appetite was news that China would play a greater role in supporting the EU’s efforts to contain its debt crisis.
Spot gold was almost 1% higher, bid at $1,759.30 per ounce with an ask price of $1,760.30. Spot gold traded as high as $1,760.50 and as low as $1,743. The London afternoon reference price fix came in at $1,751, $11 per ounce higher than Wednesday’s reference price, according to .
Spot silver was showing a gain of nearly 1.5% an ounce, bid at $34.21 with an ask price of $34.31. The morning high as of time of writing was $34.37 and the low was $33.54. Thursday’s reference price was set at $33.67 in the London a.m., 13 cents per ounce below Wednesday’s reference price.
Seasonally adjusted initial claims for unemployment insurance the week ended Jan. 28, a decrease of 12,000 from the previous week’s 379,000. The four-week moving average was 375,750, down 2,000 from the previous week’s four-week average.
The ranks of those receiving unemployment insurance continued to decline, as well. The advance reading of seasonally adjusted insured unemployment was 3,437,000 (2.7%) for the week ended Jan. 21, down 0.1% from the previous week. The four-week moving average was 3,527,500, a decrease of 1.2% from the previous week.
Elsewhere on jobs front, Challenger Gray reported a in job cuts by the nation’s employers in January, the largest monthly layoff since 115,730 job cuts were announced last September. That’s a 28% jump from December, and 39% higher than Jan. 2011.
“It is not unusual to see a job-cut surge to start the year. Historically, January is the heaviest job-cut month,” the global outplacement firm noted.
Gold bullion prices were slipping lower after hitting in London morning trading Thursday, according to BullionVault’s London Gold ÃÛÌÒ´«Ã½ report. China and India’s gold imports continued to increase in 2011 and into 2012, according to market reports, despite record-high domestic gold production in China and the imposition of import duties in India.
In stock exchange trading, gold trusts were moving higher and the iShares Silver Trust (NYSE:) was showing strong gains for the second consecutive morning.
- The SPDR Gold Trust (NYSE:) was moving higher, up around 0.84%.
- The iShares Gold Trust (NYSE:) was showing gains of around 0.9%.
- The iShares Silver Trust was moving sharply higher, up more than 1.5%.
Gold and silver mining ETFs were up sharply.
- The ÃÛÌÒ´«Ã½ Vectors Gold Miners ETF (NYSE:) was up 2.25%.
- The ÃÛÌÒ´«Ã½ Vectors Junior Gold Miners ETF (NYSE:) was showing gains of more than 2.3%.
- The Global X Silver Miners ETF (NYSE:) was up nearly 2%.
Gold mining shares were showing strong gains, except NovaGold Resources (AMEX:), which announced it’s increasing a previously announced by 8.6 million shares.
- Agnico-Eagle Mines (NYSE:) was showing gains of more than 1.7%.
- Barrick Gold (NYSE:) was up around 2.1%.
- Eldorado Gold (NYSE:) was about 2.6%.
- Goldcorp (NYSE:) was down nearly 2.4%.
- Kinross Gold (NYSE:) was showing gains of nearly 2%.
- Newmont Mining (NYSE:) was up more than 2%.
- NovaGold Resources was sinking fast, down around 8.5%.
- Yamana Gold (NYSE:) was up some 2.2%.
Silver mining shares were up sharply.
- Coeur d’Alene Mines (NYSE:) was moving higher, up more than 2.4%.
- Hecla Mining (NYSE:) was up about 1.6%.
- Pan American Silver (NASDAQ:) was showing gains of more than 2%.
- Silver Wheaton (NYSE:) was showing gains of around 2.4%.
- Silver Standard Resources (NASDAQ:) was showing gains of some 1.3%.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
