This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gold Fluctuates on Upbeat Jobs Report

Stocks in this article: GLD ABX IAU GG RGLD

NEW YORK ( TheStreet) -- Gold prices were fluctuating around the flatline on Friday after an upbeat jobs report triggered investors to move into equity markets.

Gold for June delivery at the COMEX division of the CME was rising $2.50 to $1,470.10 an ounce. The gold price traded as high as $1,487.20 and as low as $1,455.40 an ounce, while the spot price was increasing $7.30, according to Kitco's gold index.

The Bureau of Labor Statistics reported Friday morning that nonfarm payrolls rose in April by 165,000, while the unemployment rate ticked slightly lower to 7.5%. Consensus among economists polled by Thomson Reuters was looking for 145,000 new jobs and an unchanged unemployment rate at 7.6%.

"The S&P is up 14 handles right now, and rightfully so as the jobs report number is the main catalyst main driver of the whole thing," Mihir Dange, options trader at Graphite Capital, said ahead of the market opening.

Gold received a boost during Thursday's trading session as a rate cut by the European Central Bank and the Federal Reserve's statement that it main be open to additional monetary stimulus suggested to traders that central banks would continue to add liquidity to the economy.

Since gold's 13% drop across the consecutive trading sessions on April 12 and April 15, the yellow metal has retraced about half of its losses, but many traders and analysts are unconvinced that gold has found a firm trading range and technical base of support.

"Gold is trying to find its footing here amidst an environment where China and Europe are slowing and central bank inflation targets are undershooting in the Western hemisphere," Sonny Tahiliani, managing director of precious metals at MacroMoves Capital Advisors, said in an email.

Silver prices for July delivery was adding 21 cents to $24.04 an ounce, while the U.S. dollar index was slipping 0.17% to $82.07.

Gold mining stocks were mostly higher on Friday. Shares of Goldcorp (GG - Get Report) were up 3%, while shares of Royal Gold (RGLD - Get Report) were gaining 2.1%.

Among volume leaders, Barrick Gold (ABX - Get Report) was ticking higher by 1.6%.

Gold ETF SPDR Gold Trust (GLD) was adding 0.43%, while iShares Gold Trust (IAU) was up 0.42%.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs