Gold News

'Calm before storm' for gold prices

Gold prices are continuing to hold steady ahead of today's (April 4th) release of US jobs data, according to Reuters.

The announcement is widely expected to declare that job losses were recorded in many sectors in March, the third consecutive month that this has occurred.

If this is the case, it could be good news for the precious metal's futures as investors in gold buy more amid fears of a recession and as a hedge against inflation.

"There's light buying on the physical side. But it looks like things have quietened down [for now]. Everybody is waiting for the data," one dealer in Singapore told Reuters.

June gold rose $9.40 on the COMEX division of the New York Mercantile Exchange yesterday.

Federal Reserve chairman Ben Bernanke sparked speculation on Wednesday when he hinted in congress that the rumours of recession could be true, leading to a possible rise in gold futures, according to Reuters.

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