Gold Prices Inch Higher Ahead of Friday's Job Report
Kitco News -- Gold prices ended the day moderately higher on Thursday, after an abrupt sell-off in U.S. equities. June Comex gold was last up $5.40 and trading at $1,254.00 an ounce -- still below the key 200--day moving average of $1,258 an ounce. 'Geopolitical events aside, a move above $1,300 seems easily achievable if economies keep moving further away from deflationary scares,' said Tony Danaher, president of Guild Investments. 'If you think about what drove gold from under $300 to over $1,900, it wasn't runaway inflation, it was a global economic expansion from which saw hundreds of millions in the emerging world start to accumulate wealth,' he added. Traders and investors will be closely watching the meetings between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday and Friday. The leaders of the world's two largest economies could come into some conflict over trade and currency matters. The monthly U.S. employment report is due out Friday morning, arguably the most important U.S. economic data point of the month. Wednesday's much-larger-than-expected rise of 263,000 jobs in the March ADP employment report has many upping up their forecasts for the Labor Department's jobs.
This article was written by a staff member of TheStreet.
