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MTECHTIPS:-Gold posts solid gains, amid hints of strong February U.S. jobs report
Gold futures rose considerably on Wednesday, amid a slightly higher dollar, as solid U.S. private sector employment data provided optimism on the near-term outlook of the U.S. economy ahead of Friday’s critical jobs report. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,225.40 and $1,242.50 an ounce before settling at $1,241.00, up 10.20 or 0.82% on the session. Gold remained near session-highs from mid-February when it jumped more than $50 an ounce in a single session hit a 12-month high at $1,260 an ounce. While the gold trade has been volatile ever since, the precious metal has closed up by more than 1% in three of the last seven trading days. After closing February up by more than 10%, gold is on pace for one of its strongest first quarters in three decades. Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,260.80, the high from Feb. 11. On Wednesday morning, the ADP Research Institute said nonfarm private employment rose by 214,000, last month, topping expectations for gains of 190,000. It came after ADP downwardly revised employment data in January by 12,000 to 193,000. While ADP’s forecasts do not always mimic the results from the Labor Department’s monthly report, their predictions have been fairly accurate over the last two months.
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