Declining gold prices are top news for Thursday on the London spot market, with unexpected positive numbers being released in the US in the areas of employment and manufacturing. In the a.m., European trade-hitting hit a low that exceeded the last three-and-a-half months. Spot gold was $1,164 per troy ounce, which was down 0.3%. That was during the session that had an ounce priced at $1,162.50.
These numbers come one day after the US released interesting employment data. It was Wednesday when ADP, the payroll processor, said that 7,000 more jobs were put in place in factories in June, as per numbers collected by factory payroll. That brings the number of jobs to 237,000; that number exceeds the expected 220,000 jobs. Also, June saw a raise in the manufacturing purchase managers index. It rose to 53.5 in June, which is higher than May’s 52.8. The expected rise was only for 53.2; the jump in the rise shows that the sector is expanding.
The result then is that the dollar is firmer against currencies such as sterling than gold. Investors who seek out gold as a safe-haven asset are therefore not seeing a good show for their dollar. As silver’s price tends to rise and fall along with gold, it also signals poor news for silver. Spot silver is down to $15.534 per ounce, which is a fall of 0.04%.
For Hecla Mining Company (NYSE:HL), the last trading session shows a decline in its share price. It was a lower trade price than the previous three months, down by -24.39%; that low has extended over the past three months. The high over the last 52 weeks was $3.53.
For Silver Standard Resources Inc. (USA) (NASDAQ:SSRI), it was down -0.50 points from its last close. Over the last year, its return on equity has been -14.20% because of the financial state right now. Each share has an earnings value of -$1.25. Meanwhile, Coeur Mining Inc. (NYSE:CDE) was down -6.30% at close recently. It had been trading higher than typically done until that point. It has declined -41.27%, with its previous 52-week high being $9.32. Currently, the stock trades at -2.97%, which is below its SMA 50. As well, it is +1.29% (above its SMA 200).
