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Gold prices rise in Asia on physical demand prospects

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Investing.com -

Investing.com - Gold prices rose in Asia on Friday with the market recovering from an overnight drop on physical demand prospects.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.21% to $1,196.10 a troy ounce.

Elsewhere, Silver for May delivery gained 0.45% to $16.248 a troy ounce. Copper for May delivery rose 0.33% to $2.735 a pound.

In China, consumer prices rose 1.4% year-on-year in March, more than an expected 1.3% gain, while producer prices eased fell 4.6%, the 37th straight decline.

Overnight, gold futures retreated on Thursday extending a three-day losing streak following a significant rally earlier this week, amid the continual appreciation of the dollar.

Gold surged more than $20 an ounce on Monday to $1,235.50 after the release of a disappointing U.S. jobs report for the month of March, but has quickly recoiled from its seven-week high.

On Thursday, U.S. Department of Labor said initial claims for state unemployment benefits increased by 14,000 last week to a seasonally-adjusted amount of 281,000 for the week ending April 4. The four-week moving average, which is viewed as a more accurate approximation of labor market trends, dropped 3,000 to 282,250 last week, the lowest level since June, 2000.

Also on Thursday, the Bloomberg Consumer Comfort Index rose from 46.2 to 47.9 last week, the highest level since May, 2007.

The optimistic findings raise the possibility that the slowdown in job growth for March may have been an anomaly. The U.S. Bureau of Labor Statistics said on Friday that the U.S. economy added only 126,000 new jobs in March, the smallest increase since December 2013 and dramatically lower than forecasts for a gain of 245,000.

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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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