Gold Futures Tick a Little Higher as Investors Weigh Data

“Gold futures gained in New York as investors weighed the outlook for continued economic stimulus in the U.S. after jobs data trailed estimates against continued outflows from exchange-traded products.

Gold jumped 1.9 percent on April 5 after U.S. payrolls in March were lower than economists’ expectations, bolstering the case for prolonged central-bank stimulus. Gold holdings in the SPDR Gold Trust, the biggest ETP backed by bullion, fell 0.9 metric ton to 1,205.31 tons as of April 5, the lowest since June 2011.

“What is important for gold at this point is that the recent U.S. economic data has eased the pressure that was weighing heavily on the market last week,” Joni Teves, a London-based analyst at UBS AG, said in a report today. “This should feed into lingering concerns about theU.S. economy and the potential for deterioration in data to push out tapering of QE further into the future.”

Bullion for June delivery rose 0.2 percent to $1,578.40 an ounce by 7:31 a.m. on the Comex in New York. Gold for immediate delivery fell 0.1 percent to $1,578.78 an ounce in London….”

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