Gold prices rose as the investors waited for the outcome of the U.S. employment data to be released later today.
On the Comex division of the New York Mercantile Exchange, gold futures for June edged higher by 0.34 percent or $4.20 to $1,232.80 per troy ounce. Spot gold increased by 0.8 percent as it traded to $1,236.60 per ounce.
Silver futures for May delivery added 9.4 cents to trade at $15.30 per troy ounce at the European trading session while copper lost $2.170 to change hands at $2.70 per pound.
Prior to the rally of the yellow metal, it hit a one-week high of $1,246.80 as the market seek for the accuracy of the details regarding the Federal Reserve interest rate hike for twice this year. During the first quarter of the year, it has accumulated 15 percent gain despite the slower economic growth in China and the projected rate hike of the Fed.
Aside from the employment data, the investors keep their eyes open with the result of the U.S. nonfarm payrolls data to be disclosed this Friday. Based on the released reports, it was estimated that employment growth could jump up to 205,000 at the end of the month while unemployment would stay at 4.9 percent hopefully.
Moreover, Asian nation is also set to disclose its manufacturing data for the month on April 1. Similarly, the China Federation of Logistics and Purchasing will announce the data on manufacturing sector activity and the Caixin manufacturing index will come afterwards.
The yellow commodity reciprocated its bullish trend from the previous session after the statement of the Fed Chairwoman Janet Yellen that the policy must be tightened due to growth and inflation concerns.
After the announcement of Yellen, other Fed president from different cities will also deliver their speech, including New York Fed President William Dudeley, Chicago Fed President Charles Evans and San Francisco Fed President John Williams.
An economic analyst shared that the combination of safe-haven demand on the back of worries about China, a scaling back of expectations of further rate hikes from the Fed, and the rising inflation expectation has been behind the rally in the gold price.Publication source