Gold Prices on Move
NEW YORK (
) --
Wednesday were rising after a disappointing U.S. ADP unemployment number boosted demand for the alternative investment.
Gold for June delivery was adding $9.30 to $1,115 an ounce at the Comex division of the New York Mercantile Exchange. Prices Wednesday traded as high as $1,119.90 and as low as $1,103.10. The
was slipping 0.62% to $80.97. Gold's spot price was up over $11 a troy ounce, according to Kitco's gold index.
High Unemployment Boosts Gold
Gold futures came under pressure Tuesday after contract rollover hurt prices. Pent-up demand boosted prices Wednesday and prompted gold to reach for the $1,125 area. Gold's appeal as a safe haven also supported prices after the
Automated Data Processing report
said the private sector lost 23,000 jobs in March. Many analysts were hoping for job growth heading into Friday's U.S. nonfarm payroll report.
"Gold for the moment continues to consolidate with good volumes of physical and investment demand providing support," says James Moore, analyst at
thebulliondesk.com
in his daily metals report. The popular physically backed exchange-traded fund,
SPDR Gold Shares
(GLD) - Get Report
held at 1,129.82 tons after investors bought the precious metal this week on weakness. "However, the metal remains capped by overhead midterm downtrend resistance ... with another stalled rally potentially triggering a retest of the $1,085 level."
Platinum prices were popping $20.90 to $1,647 after
Lonmin
, the world's third-largest platinum producer, announced it shut down its Number One furnace. The company is hoping to repair the unit in 30 to 40 days. Palladium was also higher by $10 to $480.35.
were up 17 cents to $17.50 and copper was down 1 cent at $3.55.
Mining stocks, typically a more leveraged way to
, were mixed.
Barrick Gold
(ABX)
was rising 1.91% to $38.4 while
Newmont Mining
(NEM) - Get Report
was up to $51.32. Other large-cap miners such as
Kinross Gold
(KGC) - Get Report
and
Goldcorp
(GG)
were at $17.15 and $37.33, respectively.
Shares of
Randgold Resources
(GOLD) - Get Report
were popping 4% to $77.27 after the company announced that resources rose to 27.33 million ounces during 2009.
Freeport McMoRan Copper & Gold
(FCX) - Get Report
was ticking slightly up to $83.88.
>>Slideshow: How to Invest in Gold
>>More stories on gold investing
--
Written by Alix Steel in New York
.
Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.