BLBG:Gold May Decline in London Trading Before U.S. Jobs Data
Gold may decline in London on speculation the the U.S. jobs report will add to signs of economic growth, curbing demand for the metal as a hedge against declines in other assets.
American employers probably added 205,000 workers in March on top of 227,000 in February, economists in a Bloomberg News survey forecast before the Labor Department report at 8:30 a.m. in Washington. Futures on Standard & Poor’s 500 Stock Index were 0.2 percent higher today.
“The Street has been looking for non-farm payrolls to rise just over 200,000 and we think it shall instead be by 245,000,” Dennis Gartman, an economist at the Gartman Letter in Suffolk, Virginia, said in his daily report today. “If we are wrong, we are low.”
Bullion for immediate delivery was little changed at $1,631.50 an ounce by 7:02 a.m. New York time. Trading on the Comex in New York is closed today for Good Friday.
Silver for immediate delivery rose 0.2 percent to $31.75 an ounce, and platinum dropped 0.1 percent to $1,604.25 an ounce.
To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
