Traders look for gold prices to rise next weekForcasted increase in Gold will surely help ARZ!
By Alan Fein
(AXcess News) New York - Traders are expecting gold prices to rise next week based on an increase in demand following economic data and payroll figures that indicate the US economy is on track and recovering.
April gold contracts were trading up $13, or 1.16%, at $1129.80. Silver contracts had pushed prices to just under the $18 per ounce level for a gain of 41 cents per ounce, or 2.33%, at $17.98.
A Bloomberg survey of traders indicated nearly half believed signs of an improving economy would push gold prices higher next week. This morning the US Department of Labor announced that March payrolls rose 162,000, the largest monthly gain since March 2007 and the nation's unemployment rate held at 9.7% for the third month in a row. The bullish sentiment is expected to spur businesses into action who in the past have held back on replenishing inventory levels of raw materials.
In the first quarter of this year, gold futures have gained 1.7%, marking the sixth quarterly increase in the price of gold.
Investors in gold take the Bloomberg weekly survey seriously having forecast prices accurately 57% of the time.
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