Gold prices surged over 2% to a more
than three-week high on Monday on expectations of global
stimulus measures to counter the economic damage caused by the
outbreak of the novel coronavirus.
Gold futures ended higher on Friday as a drop in March U.S. employment helped to lift demand for the haven metal. For the week, however, prices for the most-active futures contract edged down by roughly 0.5%. "Gold's upside price bias has been restrained by the deflation scare running through financial markets," said Michael Kosares, founder of USAGOLD.
By Myra P. Saefong and Mark DeCambre, MarketWatch. Silver futures fall for the session and week. Gold futures ended higher on Friday after a report on U.S. employment in March indicated that the damage from coronavirus related business shutdowns is already having a big impact on the labor market.
The amount of gold stored in vaults in New York registered by CME Group's Comex exchange has risen by nearly 2 million ounces, CME data showed, proving ample to settle monthly contract obligations and easing concerns of shortages that sent prices skyrocketing.
* Aluminium touches lowest since March 2016. * Copper set for first weekly rise in six weeks. * LME tin inventories jump 24% in one day. By Eric Onstad. Copper prices slipped and aluminium carved out a four-year low on Friday on worries about an extended erosion in global demand for metals due to the coronavirus pandemic after dire U.S. employment data.
CME GROUP INC (CME): * SETS MAINTENANCE MARGIN FOR GOLD FUTURES AT $8,350 PER CONTRACT. * SAYS THE RATES WILL BE EFFECTIVE AFTER THE CLOSE OF BUSINESS ON FRIDAY, APRIL 3, 2020 RELATED: CME LAUNCHES ENHANCED DELIVERY GOLD FUTURES TO COMBAT VOLATILITY.
Gold futures ended higher on Thursday, with the haven metal getting a boost on the heels of a climb in U.S. weekly jobless claims to a record 6.6 million. The move for gold followed four consecutive sessions of losses for the metal. June gold rose $46.30, or 2.9%, to settle at $1,637.70 an ounce.
By Myra P. Saefong and William Watts, MarketWatch. Gold futures gained ground Thursday as another large jump in U.S. weekly first-time jobless claims prompted prices to settle higher for the first time in five sessions. The big U.S. data point this week will not be Friday's monthly U.S. employment report, which is usually the most important data point of the month, said Jim Wyckoff, senior analyst at Kitco.com.
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