AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

3/8/2019: Gold nears $1,300 on jobs, China

Source: Bill Musgrave, American Gold Exchange

Austin — Gold jumped 1% to close near $1,300 as abysmal US jobs data and weak China exports raised growth concerns, weakening the dollar and spurring demand for safe-haven assets. The metal finished the week with a slight win of 10 cents.

The BLS reported nonfarm payrolls added just 20,000 jobs in February, the least in 17 months and far below forecasts, suggesting that slower global growth is finding its way to our shores. On upside, the unemployment rate dropped from 4% to 3.8% as government workers returned from the partial government shutdown in January. Wages rose slightly more than expected.

The dollar fell 0.3% against major rivals as traders speculated that the Fed will remain on hold with interest rates indefinitely and may even cut rates before the end of the year, according to CME FedWatch. A weaker dollar supports gold and other commodities priced in it for global trade by making them less expensive overseas.

Adding to risk-off sentiment, China's exports plunged 20% in February, knocking the Dow and Global Dow down 0.4% and 0.8%, respectively, on growth fears. US Treasury notes rose on increased safe-haven demand, reducing yields.

The other precious metals were mixed for the day and week. Silver rose 2.1% for a weekly increase of 0.6%. Platinum added less than 0.1% for a weekly loss of 5.3%. Palladium fell 1.3% today and 3.1% this week.

At the Comex close: April gold jumped $13.20 to $1,299.30; May silver climbed 31 cents to $15.35; April platinum edged up 50 cents to $817.60; and June palladium fell $23.40 to $1,459 an ounce.