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