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Gold Attempts To Bounce Higher To Start April, Second Quarter Amid Coronavirus Spread


Wednesday, 1 April 2020 20:22 WIB

GOLDEMAS


Gold futures were attempting to regain some traction higher on Wednesday to start the new month and quarter, amid expectations of increasingly poor economic data due to the COVID-19 pandemic which has helped to partly support gold buying or at least limited downside for the precious metal.

Earlier Wednesday, a report on private-sector employment from Automatic Data Processing Inc. ADP, -0.82% helped give gold prices a modest push higher. The report found that 27,000 jobs were lost in the month, smaller than forecasts from economists surveyed by Econoday who expected a decline of 180,000, but likely a harbinger of what is to come after jobless claims last week produced a record 3.28 million claims for the period.

June gold on Comex rose $1.50, or less than 0.1%, at $1,598.10 an ounce, after falling 2.8% on Tuesday. Based on the most-active contracts, gold futures rose 1.9% in March and gained 4.8% for the quarter, according to Dow Jones Market Data.

Source : Market Watch


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