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Gold Ends Week in $1,600 Zone After Epic U.S. Job Losses

CommoditiesApr 03, 2020 04:10PM ET
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© Reuters.

By Barani Krishnan 

Investing.com - Gold dug its heels into the $1,600 territory on Friday, ending its second week there, as investors turned again to the comfort of safe havens after epic U.S. job losses for March from the Covid-19 pandemic.

The United States lost 701,000 jobs in March as the pandemic bumped up the nation’s unemployment rate by the most in a month since 1975, the Labor Department said in its monthly employment report on Friday. 

The report came on the heels of Thursday’s weekly jobless claims by the department that showed a record 6.6 million Americans filed for unemployment insurance for the week ended March 28.

Gold futures on New York’s COMEX settled up $8, or 0.5%, at $1,633.70 per ounce. For the week, the futures contract also gained about 0.5%.

Spot gold, which tracks live trades in bullion, was up $7.48, or 0.5% at $1,621.76 by 4:00 PM ET (20:00 GMT). For the week, bullion dipped 0.1%.

“Gold volatility will remain high over the coming weeks, and despite this down week, prices should be supported in the long term as the impact of Covid-19 intensifies across the world,” said Edward Moya, analyst at online trading platform OANDA. 

”Fiscal and monetary stimulus will likely need to remain in place a lot longer and that should ultimately be the backbone of gold’s bullish stance.”

 

Gold Ends Week in $1,600 Zone After Epic U.S. Job Losses
 

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Comments (2)
Daniel Cohen
Daniel Cohen Apr 04, 2020 3:13AM ET
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Ive been buying gold since 2015 im 31 god bless the printing of dollars because like the book the richest man in Babylon says my golds make me coppers my coppers make me silvers and my silvers make me golds. Long gold.
Chris Martin
Chris Martin Apr 03, 2020 5:48PM ET
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I've held since '99, more than quintupled my value and fluctuations now, well simply don't bother me. Out- could be that it'll go to 1300 but Il still be holding. Who knows, in 5 years it may be doubled. That's all it took after I bought the first time.
Dwain Hobbs
Dwain Hobbs Apr 03, 2020 5:48PM ET
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The best performing asset despite the endless media talkdown of gold ..
 
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