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Gold Spikes Higher On Bargain Hunting
Posted April 2nd, 2014

Los Angeles CA, Apr 2 (Tangible Investments) - by James O’Dell - Precious metals prices spiked higher in overnight trade as Asian demand returns after prices eased slightly on Tuesday when gold dipped $5.17 or 0.40 percent to close at $1,278.61 an ounce on reports that U.S. manufacturing picked up for a second straight month in March. The price of Silver eased $0.02 or 0.10 percent to close at $19.73 an ounce.
 
Physical gold demand from China, the world’s number one consumer of the precious metal, has returned with prices trading at a premium to spot London prices for the first time in nearly a month. "Physical demand remains lackluster across a host of regions and this is an important signal - gold needs that physical indicator to pick-up in order to give the market some confidence that a floor is nearby," said UBS in a note.
 
With U.S. equities at record highs, gold is working to recover from its longest slump since December. INTL FCStone’s Ed Meir says that the tone of nervousness in the equities market should prevent investors from exiting the metals. "In addition, although the Russian-Ukrainian situation is receding in terms of urgency, it certainly is not over given that Russian troops are still massed on the Ukrainian border," says Meir.
 
Meanwhile, employment data provided by Automatic Data Processing (ADP) was released on Wednesday and it shows that 191,000 private sector jobs were created in March, an increase from the 178,000 jobs created in February, but short of economist’s expectations of between 192,000 and 215,000 jobs.

Fed Chair Janet Yellen said on Monday that the central bank is committed to supporting the employment component of its dual mandate, before adding that the labor market is in much worse shape than the 6.7 percent unemployment rate would suggest.
 
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