Gold Prices Climbs from Seven-Week Low
April 3, 2014 2:00 pmVideo
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Futures for gold were seen climbing higher for a second day in a row on Thursday, before the release of the US non-farm payrolls report due on Friday.
The anticipating US non-farm payrolls report could enlighten the current state of the world’s largest economy and may hint the next step the Federal Reserve (Fed) may take on its monthly asset purchases.
Gold prices held a rise from its seven-week low, edging 0.21% higher at $1,293.70 an ounce at the time of writing, climbing from February’s low of $1,277.58 seen in the previous week.
Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust; came in at 810.98 tons on Wednesday, the lowest since the first week of March.
“The last two days have seen outflows from gold ETFs total 8.8 tons. Clearly, investments are being shifted from gold into equities. The S&P 500, for example, closed at a record high yesterday, while other equity markets are likewise not far from reaching record highs or finding themselves on a pronounced upward trajectory,” Commerzbank quoted on Wednesday.
Gold – US Jobs Report
The ADP employment report released on Wednesday, showed that 191,000 new jobs were added to the US private sector in the month of March, compared to the revised 178,000 seen in February.
The anticipating jobs report may hint the Federal Reserve‘s next move on its monetary policy, as the US Federal Reserve trimmed asset purchases at the last three policy meetings. The jobs data tomorrow is expected to show a positive growth in the jobs sector, with analysts expecting to see 200,000 new jobs added to the US economy in March.
On Wednesday, the President of the Fed Bank of St. Louis James Bullard said that reducing the benchmark interest rate further could halt trimming bond purchases, which is not likely to happen, according to Bullard.
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