Gold Rises Slightly on Slump of U.S. Eequities-Shanghai Metals Market

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Gold Rises Slightly on Slump of U.S. Eequities

Industry News 09:24:13AM Jun 06, 2013 Source:SMM
CHICAGO, June 5 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Wednesday on slump of U.S. equities and disappointing private sector employment data.
 
The most active gold contract for August delivery rose 1.3 dollars, or 0.09 percent, to settle at 1,398.5 dollars per ounce.
 
U.S. equities dropped broadly Wednesday, positive to gold. Meanwhile, Automatic Data Processing Inc. reported that the private-sector employment increased by 135,000 in May, lower than market expectations for a gain of 165,000; U.S. Labor Department announced that the growth of U.S. productivity dropped to 0.5 percent in the first quarter of this year, lower than an initial reading of 0.7 percent; and the hourly compensation for workers plunged 3.8 percent in the first quarter, the biggest decline since 1947, supportive of gold.
 
Nevertheless, the Institute for Supply Management said Wednesday its May services index inched up to 53.7 percent in May from 53.1 percent in April, curbing the growth of gold prices somehow.
 
Investors remained cautious ahead of the European Central Bank meeting on Thursday and official release of the U.S. nonfarm employment figures on Friday.
 
Silver for July delivery gained 6.3 cents, or 0.28 percent, to close at 22.472 dollars per ounce. Platinum for July delivery climbed 19.5 dollars, or 1.31 percent, to close at 1,510.6 dollars per ounce.

 

Gold Rises Slightly on Slump of U.S. Eequities

Industry News 09:24:13AM Jun 06, 2013 Source:SMM
CHICAGO, June 5 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Wednesday on slump of U.S. equities and disappointing private sector employment data.
 
The most active gold contract for August delivery rose 1.3 dollars, or 0.09 percent, to settle at 1,398.5 dollars per ounce.
 
U.S. equities dropped broadly Wednesday, positive to gold. Meanwhile, Automatic Data Processing Inc. reported that the private-sector employment increased by 135,000 in May, lower than market expectations for a gain of 165,000; U.S. Labor Department announced that the growth of U.S. productivity dropped to 0.5 percent in the first quarter of this year, lower than an initial reading of 0.7 percent; and the hourly compensation for workers plunged 3.8 percent in the first quarter, the biggest decline since 1947, supportive of gold.
 
Nevertheless, the Institute for Supply Management said Wednesday its May services index inched up to 53.7 percent in May from 53.1 percent in April, curbing the growth of gold prices somehow.
 
Investors remained cautious ahead of the European Central Bank meeting on Thursday and official release of the U.S. nonfarm employment figures on Friday.
 
Silver for July delivery gained 6.3 cents, or 0.28 percent, to close at 22.472 dollars per ounce. Platinum for July delivery climbed 19.5 dollars, or 1.31 percent, to close at 1,510.6 dollars per ounce.