Gold rebounded slightly on Wednesday to shake off back-to-back losses, ahead of another day filled with economic data for investors to parse.
At last check, gold for April delivery GCJ5, -0.12% rose $0.20, or 0.02%, to $1,204.60 an ounce, but May silver SIK5, -0.22% lost 4 cents to $16.26 an ounce.
After some disappointing results from the auto industry Tuesday, the ADP employment report arrives at 8:15 a.m. Eastern Time Wednesday. Then, at 10:00 a.m. Eastern, we’ll get the ISM nonmanufacturing index. The Fed’s Beige Book will be released at 2:00 p.m. Eastern.
The jobs report looms Friday, and that’s what could really impact trading. Gary Wagner of TheGoldForecast.com said that the kind of nervousness in the gold market we’re seeing ahead of the release is fairly typical.
“The most confusing outcome for gold traders would be for the number to come in right on target or slightly below,” he said. “If the American economy shows growth but not at a breakneck speed, traders will be left wondering when a Fed rate rise may occur — and fabricating issues that will reinforce their own established inclinations.”
Elsewhere in metals trading, April platinum PLJ5, -0.64% shed $6.60 to $1,182.90 an ounce. June palladium PAM5, -0.71% lost $4.85, or 0.58%, to $826.80 an ounce. May copper HGK5, -0.64% was around the flatline at $2.65 a pound.
Source: Market Watch
