SPDR Gold Trust (NYSE:GLD), iShares COMEX Gold Trust (NYSE:IAU), PowerShares DB Gold (NYSE:DGL) and DB Gold Double Long ETN (NYSE:DGP) were trading up today as gold prices rebounded after more dismal economic news.
Job growth in the private sector plummeted in May, dropping to its lowest level in eight months. Investors are now looking to a monthly government report on Friday.
Gold was down earlier in the day after the latest news from Europe where the EU is looking to offer a second bailout package for Greece, which strengthened the euro.
Many clueless investors thought this was positive at the time and didn't focus on consequences it had on the U.S. dollar.
Credit Suisse (NYSE:CS) analyst Tom Kendall noted, "A resolution, which is expected now in the next two to three weeks, should take some of the froth off gold but it's swinging around on sentiment at the moment and swinging around on the foreign exchange markets."
SPDR Gold Trust was trading at $150.60, up $0.96, or 0.64 percent, as of 11:14 AM EDT. iShares COMEX Gold Trust was at $15.07, up $0.10, or 0.67. PowerShares DB Gold was at $54.15, rising $0.29, or 0.54 percent. DB Gold Double Long ETN was trading at $49.49, up $0.62, or 1.27 percent.
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