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Gold gain in early Asia as U.S. jobs data disappoints, trade thin

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Investing.com -

Investing.com - Gold prices gained in early Asia on Monday with investors focused on last week's U.S. jobs data and thin trade with many markets shut for holidays.

Gold futures for June delivery rose 1.10% at $1,215.80 a troy ounce. Commodity markets remained closed on Friday for Good Friday.

Elsewhere on the Comex, silver futures for May delivery rose 1.58% at $17.013 a troy ounce.

Also in metals trading, copper for May delivery gained 0.46% at $2.745 a pound.

In the week ahead, markets outside the U.S. will remain closed on Monday. The U.S. is to release what will be closely watched data on service sector activity on Monday and the Federal Reserve is to publish the minutes of its March meeting on Wednesday.

On Monday, markets in Australia, New Zealand, China, Europe and the U.K. will remain closed for holidays.

In the U.S., the Institute of Supply Management is to release data on service sector activity.

Last week, the Labor Department reported that the U.S. economy added 126,000 new jobs in March, less than half of February's gain and the smallest increase since December 2013. Economists had forecast jobs growth of 245,000 last month.

February's figure was revised down to 264,000 from 295,000. The unemployment rate remained unchanged at a six-and-a-half year lows of 5.5%, in line with forecasts.

The surprisingly weak report added to concerns over the outlook for economic growth after other recent economic data pointed to a slowdown at the start of the year.

A slowing labor market could prompt the Federal Reserve to reconsider a planned increase in interest rates. Last month, the Fed indicated that the first rate increase could come as soon as June, but added that continued improvement in labor markets would be a key factor it would consider.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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