Jobless claims rise, ADP payrolls rise 133,000, GDP revised down
By Polya Lesova and Virginia Harrison, MarketWatch
NEW YORK (MarketWatch) — Gold futures edged higher Thursday as traders digested several U.S. economic reports, including data showing a rise in jobless claims and a downward revision to first-quarter growth.
Gold for August delivery GCQ2 +0.21% , the most active contract, gained $1.80 to $1,567.40 an ounce on the Comex division of the New York Mercantile Exchange.
The marginal gains came after the release of economic data that appeared to affirm that the pace of the economic recovery remains steady but modest. Automatic Data Processing reported that private-sector payrolls rose by 133,000 from April to May on a seasonally adjusted basis, which was below the estimated 150,000 increase. Separately, data showed a rise in weekly jobless claims to the highest level in five weeks. Also, the Commerce Department said the U.S. economy grew at a 1.9% annual rate in the first quarter, slower than the 2.2% growth estimated a month ago.
Gold futures rose 1% on Wednesday, finding some technical support at around $1,530 an ounce.
The ICE dollar index DXY -0.20% , which measures the dollar against a basket of major rivals, slipped to 82.823 from 83.053 in late North American trade Wednesday.
Weakness in the dollar tends to boost dollar-denominated commodities such as gold as it makes them cheaper for holders of other currencies.
In other metals trading, July silver futures SIN2 -0.19% fell 9 cents to $27.89 an ounce. July platinum PLN2 +0.50% rose $4.60 to $1,405.80 an ounce. In contrast, July copper HGN2 -0.25% fell 2 cents, or nearly 0.6%, to $3.37 a pound.
Polya Lesova is MarketWatch's New York deputy bureau chief.
Virginia Harrison is a MarketWatch reporter based in Sydney.
