Shutterstock photo
Markets

Gold holds above $1,200, U.S. jobs data in focus

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - Gold prices held above the $1,200-level on Thursday, as investors turned their attention to Friday's U.S. employment report for further indications on the future path of monetary policy.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery dipped $2.20, or 0.18%, to trade at $1,206.00 a troy ounce during European morning hours. Prices held in a narrow range between $1,201.30 and $1,207.30.

Futures were likely to find support at $1,178.20, the low from March 31, and resistance at $1,220.40, the high from March 26.

A day earlier, gold rallied to hit $1,208.70, the highest level since March 26, before ending at $1,208.20, up $25.00, or 2.11%.

Gold posted its biggest one-day gain in two months on Wednesday as weaker than expected economic data fuelled concerns over the health of the U.S. economy and dampened expectations for higher interest rates.

Payroll processing firm ADP said non-farm private employment rose by 189,000 last month, below expectations for an increase of 225,000 and the lowest since January 2014.

A separate report showed that manufacturing activity in March slowed to the lowest level in 14 months.

The data raised concerns ahead of Friday's key nonfarm payrolls report, which was forecast to show a gain of 245,000 jobs in March, following an increase of 295,000 in February.

The dollar was under pressure as the downbeat data raised bets the Federal Reserve might not hike interest rates until late 2015.

The dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.52% to 98.02 early on Thursday.

Elsewhere on the Comex, silver futures for May delivery shed 9.1 cents, or 0.53%, to trade at $16.96 a troy ounce, while copper for May delivery tacked on 0.7 cents, or 0.25%, to trade at $2.756 a pound.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS!

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.

Other Topics

ForEx