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.
Gold adds $2/ounce after US employment data weighs on greenback
Published: 01:33 20 Aug 2010 BST