Gold Ends Week in $1,600 Zone After Epic U.S. Job Losses
Investing.com
Published Apr 03, 2020 04:09PM ET
By Barani Krishnan
Investing.com - Gold dug its heels into the $1,600 territory on Friday, ending its second week there, as investors turned again to the comfort of safe havens after epic U.S. job losses for March from the Covid-19 pandemic.
The United States lost 701,000 jobs in March as the pandemic bumped up the nation’s unemployment rate by the most in a month since 1975, the Labor Department said in its monthly employment report on Friday.
The report came on the heels of Thursday’s weekly jobless claims by the department that showed a record 6.6 million Americans filed for unemployment insurance for the week ended March 28.
Gold futures on New York’s COMEX settled up $8, or 0.5%, at $1,633.70 per ounce. For the week, the futures contract also gained about 0.5%.
Spot gold, which tracks live trades in bullion, was up $7.48, or 0.5% at $1,621.76 by 4:00 PM ET (20:00 GMT). For the week, bullion dipped 0.1%.
“Gold volatility will remain high over the coming weeks, and despite this down week, prices should be supported in the long term as the impact of Covid-19 intensifies across the world,” said Edward Moya, analyst at online trading platform OANDA.
”Fiscal and monetary stimulus will likely need to remain in place a lot longer and that should ultimately be the backbone of gold’s bullish stance.”
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.