Gold price edges lower amid robust US data

Gold prices fell on Thursday April 6 while positive US data continued to weigh on prices.

The spot gold price was recently quoted at $1,253.90/1,254.20 per oz, down $2.05 on the previous close. Trade has ranged from $1,252.55 to $1,259.00 so far.

In US data released on Wednesday, the ADP non-farm employment change showed 263,000 joined the US labour force in March, far exceeding the forecast of 184,000.

“Robust ADP labour market data for March point to a positive official US labour market report tomorrow. In addition, there were rising stock markets and a somewhat firmer US dollar,” Commerzbank noted.

“Gold continues to hold range-bound amid a firming US economy battling against global uncertainty, with the 200 DMA still weighing upon the metal and restricting further top-side gains,” MKS said.

“Investors now turn their focus to the upcoming meeting between President Donald Trump and his counterpart President Xi Jinping, while Friday’s US jobs data looms to provide further market direction. Gold sees initial support around $1,250 [per oz], while below this $1,240 should see strong interest,” the broker added.

Silver, PGMs

• The spot silver price was recently quoted at $18.220/18.245 per oz, little changed from the previous close.
• Platinum was down $2 at $955/960 and palladium fell $4 to $800/805 per oz.

Currency moves and data releases

• The dollar index was at a fairly steady 100.58.
• In data, China’s Caixin services PMI dropped to 52.2 from 52.6, Japan’s consumer confidence climbed to 43.9 from 43.1 and German factory orders climbed 3.4%.
• Data out later includes the EU retail PMI, UK housing equity withdrawal, ECB monetary policy meeting accounts, US Challenger job cuts, initial jobless claims and natural gas storage. In addition, European Central Bank president Mario Draghi is speaking.

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