PRECIOUS: Gold Dips Following Equity-Driven Rally, Reports Reuters

Gold Prices Dip as Investors Cash In Ahead of U.S. Jobs Report

SINGAPORE, March 31 – Gold prices experienced a slight decline on Thursday as investors took profits following a rally from the previous session. Trading activity is expected to remain subdued in anticipation of the U.S. jobs report set to be released on Friday.

Market Overview

Spot gold dropped by $2.08, trading at $1,421.30 an ounce as of 0027 GMT, after reaching a peak of $1,430 on Wednesday. This increase was driven by a renewed appetite for risk, leading to greater purchases of gold alongside other assets. The current price remains below the recent all-time high of approximately $1,447 recorded last week.

U.S. gold futures for April fell by $2.40 to $1,421.40 an ounce. Analysts noted that the decade-long rally in gold prices, which saw the metal reach record highs last week, may be stabilizing during the second quarter as emerging risks could put downward pressure on prices.

In economic data, U.S. private employers added over 200,000 jobs in March, and there was a decline in planned layoffs. This suggests a strengthening labor market that could help bolster the overall economic recovery.

Market Trends

In Asian markets, Japan’s Nikkei index continued to rise on Thursday, buoyed by strong U.S. economic data that fostered optimism about the global economic outlook. The yen also weakened, reaching new 10-month lows against the euro and approaching a three-week low against the dollar, as expectations grew that Japan may lag behind the euro zone and U.S. central banks in terms of interest rate increases.

Upcoming Economic Data (GMT)

• 0500: Japan Construction Orders (February)
• 0600: Germany Retail Sales (February)
• 0800: Germany Unemployment Rate (March)
• 0900: Eurozone Inflation Estimate (March)
• 1230: U.S. Weekly Unemployment Claims
• 1400: U.S. Factory Orders (February)
• 2350: Japan Tankan Business Confidence Index (January)
• 2350: Japan Tankan Capital Expenditure Estimates (January)

Precious Metals Snapshot (0027 GMT)

• Spot Gold: $1,421.30 (-$2.08, -0.15% YTD: +0.13)
• Spot Silver: $37.39 (-$0.05, -0.13% YTD: +21.16)
• Spot Platinum: $1,760.24 (-$5.61, -0.32% YTD: -0.41)
• Spot Palladium: $750.50 (-$1.28, -0.17% YTD: -6.13)

Currency Rates

• Euro/Dollar: 1.4132
• Dollar/Yen: 83.03

Precious metals prices are indicated in dollars per ounce, and TOCOM prices are shown in yen per gram.

(Reporting by Lewa Pardomuan; Editing by Ed Lane)