Gold Sees Biggest One-Day Gain In Over a Week
APMEX
4/2/2020 12:21:22 PM
Gold prices ended lower on Monday, weighed down by a rise in U.S. stocks and strength in the U.S. dollar, as traders eyed rapidly moving developments in the COVID-19 pandemic.
Gold prices ended dramatically lower Tuesday, pressured by better-than-expected U.S. consumer confidence data and a rise in Chinese manufacturing activity, but prices for the yellow Precious Metal posted gains for the month of March and quarter against the backdrop of concerns over the COVID-19 pandemic.
Gold prices on Wednesday started the month with a loss, stretching its decline to a fourth straight session, as traders were wary of the latest U.S. economic data amid the spread of the COVID-19 pandemic.
Gold prices gained ground Thursday as another large jump in U.S. weekly first-time jobless claims set prices on track for their biggest one-day gain in over a week. Data showed the number of first-time jobless claims rose by 6.6 million. Prior to the COVID-19 crisis, the largest-ever rise in first-time claims was less than 700,000.
Gold prices were subdued on Friday as the U.S. dollar strengthened, but they were stuck in a narrow range ahead of U.S. payroll data that could provide further clarity on the economic damage from the COVID-19 pandemic.
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