Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold slid another 0.6% to close at a five-week low under $1,210 as robust jobs data and tumbling oil prices pressured alternative assets.

ADP reported that private payrolls added 298,000 jobs in February, the most since April 2014 and far beyond most forecasts. Growth was led by well-paying fields including professional and business services, and construction. The strong report augurs well for the more-authoritative nonfarm payrolls report due on Friday.

The dollar extended its gains on the jobs data, rising 0.3% against major rivals, as traders concluded that the Fed will almost certainly raise interest rates when it meets mid-month. Rising rates boost the buck by attracting foreign exchange investment in search of higher yields, in turn pressuring gold and other commodities priced in dollars for international trade.

Gold was also pressured by a 5% plunge in oil prices after reports that U.S. crude production reached a one-year high last week. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals also fell, with silver losing 1.4% while platinum and palladium dropped 1.2% and 0.6%, respectively.

At the Comex close: April gold slid $6.70 to $1,209.40; May lost 24 cents to $17.30; April platinum dropped $11.60 to $949.50; and June palladium shed $4.60 to $770.40 an ounce.