Darren Kugler
0
All posts from Darren Kugler
Darren Kugler in Commodities,

Gold looks to end losing streak at three

Initial unemployment claims precede Friday’s jobs report

Gold was setting up to put an end to its three-session losing streak on Thursday, as investors awaited one more batch of data before the jobs report.

At last check, gold for April delivery GCJ5, -0.07% added 50 cents to $1,201.50 an ounce. May silver SIK5, +0.32% tacked on seven cents to $16.20 an ounce.

Gold futures continued their losing ways as traders digested data on U.S. private-sector employment, which showed gains continued in February but at a slower pace. Also, the U.S. dollar DXY, +0.25% hit an 11-year high against the euro, shrugging off the weaker-than-expected ADP jobs report, as well as firm data out of the euro zone.

The jobs report looms large for Friday, but before that, initial unemployment claims will be released at 8:30 a.m. Eastern, followed by factory orders numbers for January at 10:00 a.m. After the market closes, Dodd-Frank stress test results will be reported. 

David Govett of Marex Spectron says action could stall out for much of Thursday’s session.

“The markets are in the doldrums, interest is low and real business is scarce,” he said. “As much as it saddens me to say, I doubt we will see a lot of excitement until Friday when hopefully NFPs [nonfarm payrolls] might provide with some impetus one way or the other.”

Elsewhere in metals trading, April platinum PLJ5, +0.10% rose $1.80 to $1,183.30 an ounce. June palladium PAM5, -0.20% lost $2.90 to $827.75 an ounce. May copper HGK5, +0.19% was up 1 cent at $2.67 a pound.

Shawn Langlois