U.S. gold futures for June delivery were up 1.6% to $1,201.90 an ounce on the Comex early Wednesday afternoon.
Gold prices were rising Wednesday as the dollar retreated, falling 0.1% against a basket of currencies, following a downbeat U.S. jobs report, according to Reuters. Weaker ADP private jobs data raised concerns that the U.S. jobs report on Friday could point to worsening conditions in the labor market, according to the news service.
"There is so much discord in the U.S. data that is difficult to find what exactly the next report is going to be," ING Bank senior strategist Hamza Khan told Reuters. Khan added that the uncertainty can push investors to "safe-haven assets" such as gold.
Insight from TheStreet's Research Team:
Yamana Gold is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Dave had to say about the stock:
Yamana Gold (AUY; 1,350 shares; 2.92%; Inflection Point; $12.50 price target): This gold-and- copper exploration company operates seven mines and several ongoing development projects in Brazil, Argentina and Chile. It was a volatile week for the shares, which pulled back with the broader market. That said, Yamana was upgraded on Tuesday at TD Securities, from hold to buy. The underlying price of gold appears to have stabilized and we believe management can improve margins in the coming quarters.
-David Peltier, "Stocks Under $10 Weekly Roundup," originally published 3/27/15 on TheStreet.com/StocksUnder$10