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Gold prices rise on employment report in the U.S., but little changed for the week because of the rise in stock markets and optimism about the U.S. economy.
Investors awaited coming Friday the official report on employment in the United States, to assess the state of the world 's largest economy . Weak measure would increase the attractiveness of gold as a low-risk investments , and unexpectedly strong data reinforced expectations the Fed raising interest rates in the near future .
" If job growth is below 200,000 , it will support gold prices , although they are unlikely to exceed $ 1,300 . But if the data will be high , prices will drop and just could drop below $ 1,276 ," - said an analyst at Phillip Futures Joyce Liu .
According to a report by the Ministry of Labor , U.S. employers stepped up their hiring pace in March , a sign of sustained economic growth. Latest update suggests that the winter decline was only temporary . According to data seasonally adjusted number of non-farm payrolls in March increased by 192 thousand added that the figures for January and February were revised by a total of 37,000 . Nevertheless , the unemployment rate remained at the same value in March - at 6.7 %. More and more people have found work and joined the work force . Economists forecast that the number of employees will grow by 196 thousand and the unemployment rate dropped to 6.6%.
Demand for gold in the physical markets of Asia remains weak and prices in Shanghai at $ 2 per ounce lower than in London, while at the beginning of the year in Shanghai gold worth $ 20 more expensive than in London.
Central Bank of India, the second- largest in the world gold consumption , made it clear what he thinks about the withdrawal of certain import restrictions imposed this year to improve the trade balance .
The cost of the June gold futures on the COMEX today rose to $ 1303.50 per ounce.
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