Gold surges after U.S. jobs data disappoints

08:28, April 01, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Wednesday as dollar dipped against major currencies. Silver and platinum both rose.

The most active gold contract for June delivery rose 8.8 U.S. dollars, or 0.8 percent, to finish at 1,114.5 dollars.

ADP Employer Services said on Wednesday that U.S. private sector shed 23,000 jobs in March, compared with the consensus in the markets for an increase of 40,000 jobs.

The price of dollar was driven down since the disappointing job data reduced investor confidence in the strength of the U.S. economic recovery as well as in the safety of investment.

The weak performance of dollar lifted gold price as investors take gold as an alternative to the dollar and a safe-haven investment due to its stable store of value.

May silver was up 19.6 cents to 17.526 dollars per ounce. July platinum surged 20.8 dollars to 1,646.9 dollars an ounce.

Source:Xinhua

(Editor:黄蓓蓓)

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