Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold jumped 1.5%, closing above $1,303 for its biggest one-day gain in three weeks, after U.S. job growth fell below expectations, stimulating demand for the metal as a store of value. The March non-farm payroll report showed 192,000 jobs added, missing the consensus forecasts and underscoring concerns about the state of the economy. Gold finished the week with a gain of 0.7%.

Traders took the jobs data as evidence that the Fed may take a more dovish stance with monetary policy, bidding down the dollar against most major rivals. A weaker dollar supports higher prices for precious metals in part because they are denominated in dollars for international trade and become less expensive for holders of other currencies.

The other metals tracked gold higher, with silver climbing 0.7% for a weekly gain of 0.8%. Platinum added 0.4% to end the week up 3.1 % while palladium rose 0.2% for a weekly gain of 2.2%. The PMGs were boosted by ongoing strikes in South African mines.

At the Comex close: June gold jumped $18.90 to $1,303.50; May silver climbed 14 cents to $19.95; July platinum added $5.40, to $1,450.90; and June palladium rose $1.90 to $790.75 an ounce.