Gold futures prices switched to the highest levels of trading on Wednesday after data showed US non-farm private employment increased at the slowest pace in ten months. Market agents looked for more information on the strength of the economy and the future trajectory of the monetary policy.
On the Comex, gold futures for June delivery was up $ 8.90, or 0.75%, to trade at $ 1192.10 a troy ounce.
Investors were also focusing their attention on US employment report was to release later in the day, February for more indications on the future path of the monetary policy.
Payroll processing firm ADP reported non-farm private employed increased by 189,000 last month, below the expectations of a 225,000 increase. The economy created 214,000 jobs in February, whose figure was revised up from an earlier report of 212,000.
Meanwhile, official data published earlier have shown that the index of manufacturing, purchasing managers from China advanced to 50.1 this month, just above the level of 50 points divides growth from shrinkage activity. Analysts had forecast a reading of 49.7, slightly lower than a February reading of 49.9.
Gold prices rose at the Multi Commodity Exchange, delivery in June month gained by Rs 56, or 0.21% to Rs 26,325 per ten grams. Meanwhile, gold rose 0.5% to USD 1,189.15 an ounce in Singapore.
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