Gold is trading a bit higher COMMODITIES: Gold Trading Higher as Rising Initial Jobless Claims Sink the Dollar
09:11 AM EDT, 04/01/2021 (MT Newswires) -- Gold edged higher early on Thursday as the dollar weakened and bond yields rose following a disappointing U.S. jobs report.
Gold for June delivery was last seen up US$3.40 to US$1,719.00 per per ounce in Comex electronic trade.
The U.S. reported initial jobless claims rose by 61,000 to 719,000 in the week ended March 27, after falling by 107,000 a week earlier. The March jobs report will be published on Friday.
"The report was on the disappointing side relative to expectations for huge improvement in the labor market to be revealed in Friday's jobs report," Action Economics said in a note.
The disappointing result pushed down the U.S. dollar, with the ICE dollar index last seen down 0.11 points to 93.12. The yield on the U.S. 10-year bond rose 4 basis points to 1.697%.