Gold and Silver Edge Higher after Economic Data

On Thursday, gold (NYSEARCA:GLD) futures for December delivery increased $4.20 to settle at $1,620.20 per ounce, while silver (NYSEARCA:SLV) futures edged 2 cents higher to close at $28.10.

Interest in both precious metals remained low as another week of improvement in jobless claims added doubt to further immediate monetary easing. The Labor Department reported that Americans filing applications for unemployment benefits dropped by 6,000 to 361,000 last week. The results topped the median forecast of 43 economists surveyed by Bloomberg, which called for an increase in claims to 370,000.

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Another report also showed that the U.S. trade deficit narrowed in June to its lowest level since 2010. The WSJ reports, “The U.S. deficit in international trade of goods and services decreased 10.7 percent in June to a seasonally adjusted $42.92 billion the Commerce Department said Thursday. The gap narrowed more than expected. Economists surveyed by Dow Jones Newswires had forecast a $47.6 billion deficit in June.” The U.S. dollar index climbed to as high as 82.79 today.

In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV) both gained 0.25 percent. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) increased 0.90 percent and 2.80 percent, respectively. Meanwhile, silver names such as Silvercorp (NYSE:SVM) and Silver Wheaton (NYSE:SLW) jumped 3.29 percent and 2.07 percent, respectively.

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