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MTECHTIPS:-Gold surges to fresh 1-year high, amid subdued data ahead of jobs report
Gold futures surged to a fresh 12-month high, as investors reacted to a wave of downbeat U.S. economic data ahead of a crucial U.S. jobs report for the month of February. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,238.20 and $1,260.90 an ounce before settling at $1,257.80, up 16.00 or 1.30% on the session. Gold briefly eclipsed 1-year highs from mid-February when it jumped more than $50 an ounce in a single session to peak at $1,260.80 an ounce. Although the gold trade has been extreme choppy ever since, the precious metal has closed up by more than 1% in four of the last eight trading days. After surging by more than 11% over the last month and 17% since the start of 2016, gold is on pace for one of its strongest first quarters in 30 years. Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,284.70, the high from Feb. 3, 2015. The rise in gold on Thursday coincided with sharp declines in the dollar after Markit said its Purchasing Managers’ Index for the U.S. services sector fell 0.5 to 49.7, the lowest reading since the shutdown of the federal government in 2013. The final reading for the month inched down by 0.1 from February’s flash index of 49.8. Separately, the U.S. Commerce Department said factory orders for January increased by the most in seven months, rebounding from a
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