Gold Prices Pare Weekly Decline Before U.S. Jobs Data

04-Apr (Bloomberg) — Gold pared a weekly decline in New York after prices held above a technical level and as investors awaited U.S. payrolls data that may show the fastest jobs growth in four months.

Data today may show employers added 200,000 positions last month, according to economists surveyed by Bloomberg. The Bloomberg Dollar Spot Index that tracks the U.S. currency versus 10 major counterparts was little changed after reaching the highest in more than a week yesterday. Gold has been supported above about $1,280 an ounce since yesterday, according to MKS (Switzerland) SA.

…“For two days in a row, gold’s been trying to break below $1,280 and each time fails, that’s why the market is a bit higher,” Afshin Nabavi, a senior vice president at bullion refiner MKS in Geneva, said today by phone. “A few buyers have orders around that area. The jobs numbers are very important.”


This entry was posted in Gold News, Gold Views. Bookmark the permalink.

Comments are closed.