Gold holds gains as market braces for weak US jobs data

Gold hovered above $1,200 an ounce on Thursday, clinging to gains from the prior session when it rose the most in two months, after weak US private jobs data suggested that a more comprehensive employment report could disappoint.



Indications that the US economy slowed significantly in the first quarter are boding well for safe-haven assets such as gold which is trading not far off a three-week high reached last week.



US private employers added the smallest number of workers in more than a year in March, missing market expectations. Other data also pointed to slower US economic growth, with factory activity hitting a near two-year low in March.



The report came ahead of Friday’s US nonfarm payrolls which is forecast to show an increase of 245,000 in March after rising 295,000 in February, according to a Reuters poll of economists.



Gold hit $1,219.40 last week, its highest since March 2, at the end of a seven-day run-up on expectations that the US central bank would go slow in raising interest rates.



US gold for June delivery slipped 0.2 percent to $1,205.80 an ounce.



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Posted in: Indian Market Tips