Daily Management Review

Gold prices suffer worst losses since 2016


At the end of the quarter, the drop was the largest since Q4 2016.

James St. John
James St. John
April gold futures on COMEX rose $29.90, or 1.8%, to $1,713.90 an ounce. Futures fell almost 1.7% on Tuesday, to their lowest level since March 8.

June gold futures rose $29.60, or 1.8 per cent, to $1,716.60 an ounce.

Gold futures lost 0.8 per cent for the month and fell 9.5 per cent for the quarter.

May silver futures rose 39 cents, or 1.6%, to $24.53 an ounce. Silver futures were down 7.2 per cent for the month and 7.1 per cent for the quarter.

Investors were watching private sector new jobs data on Wednesday ahead of a key employment report later this week. Investors in commodity markets were also waiting for details of US President Joe Biden's long-awaited infrastructure spending plan, the implementation of which could bolster the pandemic-weakened US economy.

Private sector jobs rose by 517,000 in March, according to data provided by Automatic Data Processing.

The private-sector report reinforces the view that the US economy is growing, helped by a massive $1.9 trillion federal stimulus package and vaccination campaign.

source: dowjones.com