Spot Gold Price Fueled by Jobs News

New York spot gold prices edged up Thursday after the Labor Department reported that initial unemployment claims fell by 6,000 to 439,000 last week and the World Gold Council and Industrial and Commercial Bank of China signed an agreement to work together to promote demand for gold in the China market.
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NEW YORK (TheStreet) -- New York spot gold prices edged up Thursday after the Labor Department reported that initial unemployment claims fell by 6,000 to 439,000 last week and the World Gold Council and Industrial and Commercial Bank of China signed an agreement to work together to promote demand for gold in the China market.

On April 1, the World Gold Council and Industrial and Commercial Bank of China announced that they signed a memorandum of understanding for cooperation within China's gold market. They said this agreement would improve the exchange of market information between the two to promote domestic demand for gold, encourage investment into China's gold market, and help them jointly develop and market new gold investment products within the country.

Spot gold prices have risen $12.20, or about 1.1%, to $1,125.80 an ounce.

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New York spot silver prices are up 42 cents, or 2.4%, to $17.90 an ounce in the intraday.

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New York spot platinum prices have risen $24, or 1.5%, to $1,667 an ounce, while its sister metal has gained ground.

New York spot palladium prices are up $9, or 1.9% in the afternoon at $487 an ounce.

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Mining stocks, which offer another form of exposure to precious metals, finished Thursday's trading session in positive territory. The biggest gainers include

Hecla Mining

(HL) - Get Report

stock, up 4.9% to $5.70;

Goldcorp

(GG)

stock, which rose 4.1% to $38.70; and

Pan American Silver

(PAAS) - Get Report

, up 4.2% to $24.10.

Meanwhile,

ETFS Physical Palladium

(PALL) - Get Report

shares finished at $48.90, up 2.2% on the eve of Good Friday.

The New York Stock Exchange will be closed in observance of Good Friday on April 2.

-- Reported by Andrea Tse in New York

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