Daily Gold Update

Source: Marketwatch

New York— Gold futures edged higher in volatile trading Friday, as the dollar slipped following a report that March employment declined more than expected, another sign that the U.S. economy may already be in a recession. Gold for June delivery gained $3.60 to trade at $913.20 an ounce in early action on the New York Mercantile Exchange. On Thursday, gold rose $9.40 an ounce. The Labor Department reported that employers cut back their hiring in March for the third straight month, underscoring a pessimistic view regarding the near-term U.S. economic outlook.

Nonfarm payrolls fell by a steeper-than-expected estimated 80,000, the largest decline since March 2003. The unemployment rate surged to 5.1%, the highest since September 2005. "The data, once again, prove that we are far from the clear right now," said Zachary Oxman, senior trader at Wisdom Financial. The larger-than-expected decline in jobs "continues to back the point that we can't ignore the fact that we are still in a recession and should be looking at mid-2009 for a recovery," Oxman said. See full story.