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MTECHTIPS:-Gold prices weaker in Asia as U.S. jobs data views assessed
Gold dipped in Asia on Thursday while silver jumped as investor views diverged on the direction of interest rates ahead of U.S. jobs data at the end of the week. On the Comex division of the New York Mercantile Exchange, gold for April delivery fell 0.14% to $1,240.00 a troy ounce. Silver futures for March delivery rose 1.64% to $14.975 a troy ounce, while copper futures dropped 0.27% to $2.183 a pound. Overnight, 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. 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 non-farm 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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