💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

PRECIOUS-Gold rises on poor U.S. jobs data, firmer dollar caps gains

Published 04/06/2020, 09:21 AM
Updated 04/06/2020, 09:30 AM
© Reuters.
XAU/USD
-
XAG/USD
-
GC
-
SI
-
GLD
-
DXY
-

April 6 (Reuters) - Gold prices inched higher on Monday as
bleak U.S. nonfarm payrolls data underscored the deepening
economic impact of the coronavirus pandemic, although a stronger
dollar limited the metal's upside.

FUNDAMENTALS
* Spot gold XAU= rose 0.2% to $1,618.90 per ounce by 0053
GMT. U.S. gold futures GCv1 were steady at $1,645.90.
* The U.S. Labor Department's report on Friday showed that
the economy shed 701,000 jobs in March, ending a historic 113
straight months of employment growth, as stringent measures to
control the coronavirus outbreak hurt businesses and factories.
* The dollar .DXY rose to a more than one-week high
against key rivals, making gold costlier for investors holding
other currencies. USD/
* A top official at the U.S. Federal Reserve on Sunday said
the $2.3 trillion economic relief bill approved by Congress was
appropriately sized and that a further relief effort may not be
needed if support efforts are well executed. * British consumer confidence has recorded its biggest fall
in more than 45 years, a survey showed on Monday, as a widening
shutdown of the economy to slow the spread of the virus hammered
households' financial hopes. * The Bank of England will not resort to irreversibly
printing money in order to fund a surge in government spending
as it tries to shield Britain's economy from the coronavirus
crisis, its governor Andrew Bailey said on Sunday. * Japanese Prime Minister Shinzo Abe will declare a state of
emergency over the pandemic as early as Tuesday, the Yomiuri
newspaper reported, as the number of infections topped 1,000 in
the capital, Tokyo. * SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.72% to 978.99
tonnes on Friday. GOL/ETF
* Hedge funds and money managers reduced their bullish
positions on COMEX gold and increased them in silver contracts
in the week to March 31, the U.S. Commodity Futures Trading
Commission (CFTC) said on Friday. CFTC/
* Physical bullion markets in major Asian hubs saw a sharp
divide last week with some regions seeing a surge in demand,
while others grappled with strained supply and muted activity
amid global lockdowns. GOL/AS
* Three of the world's biggest gold refineries said they
would partially reopen after a two-week closure that disrupted
global supply of the metal. * Palladium XPD= fell 0.6% to $2,175.81 per ounce, while
platinum XPT= rose 2% to $734.82 and silver XAG= gained 0.4%
to $14.45.

DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM Feb

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.