Futures Market News
Gold futures answer poor March jobs report with gains
Apr 09, 2012 10:31 AM
Gold futures on Monday had a delayed increase to an underwhelming jobs report issued late last week by the U.S. Department of Labor, according to published reports.
The precious metal also benefited from an increasingly active pace of gold commerce in India, where a 21-day strike ended late last week after the government said it is reconsidering its application of tariffs on the precious metal, according to Reuters. The subcontinent is the globe's second-largest consumer of gold, trailing only China, which displaced India earlier this year.
"People will be buying now after closing shops for weeks together as wedding season is on," Harshad Ajmera, the proprietor of JJ Gold House, told Reuters. "There were good retail sales yesterday."
At 8:23 a.m. on Monday, gold futures increased 0.78 percent, a $12.70 advance to $1,642.80 per troy ounce.
Dow Jones Newswires reports Monday is the market's first opportunity to answer the U.S. Department of Labor's jobs report from late last week since the final trading session of the week was Good Friday. One-hundred twenty-thousand new jobs were created last month, which is less than economists forecast.
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