XAU Inches Higher, Precious Metals Steady

Gold and silver shares held steady alongside precious metals Thursday morning, with the Philadelphia Gold & Silver Index (XAU) inching higher by 0.2% to 218.29.

The XAU – a composite of the world’s largest gold and silver mining companies – initially dipped following the better than expected ISM manufacturing report, but quickly rebounded into positive territory.

Notable advancers in the sector included Barrick Gold (ABX) and Goldcorp (GG), which climbed 0.6% and 2.4%, respectively.  On the downside, Newmont Mining (NEM) slid 0.4% and Silver Wheaton (SLW) fell 0.3%.

Thus far this week, the XAU is higher by 1.1%, but remains lower by 3.7% year-to-date.

Gold futures oscillated near unchanged at $1,828 per ounce this morning, while silver hovered near the flatline at $41.80 per ounce.

The broader markets initially rallied following the ISM data, but quickly pared their gains.  The Dow Jones Industrial Average (DJIA) was higher by 17.45 points, or 0.2%, at 11,630.98 as of 11:32am ET.