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Gold made its biggest jump in two months on Wednesday rising back above $1200 to end the day at $1204.10/oz.
Data from the ADP Research Institute showed that U.S. companies added 189000 workers in March the smallest gain since January 2014. Economists surveyed by Bloomberg were expecting the number to be around 225000. The disappointing figures fed speculation that the Fed will postpone raising interest rates.
Investors are now awaiting nonfarm payrolls data from the U.S. Department of Labor set to be released on Friday. The markets will be closed however so investors will not have the opportunity to react to the news.
The news did not have the same effect on the stock market as the Dow Jones S&P 500 and Nasdaq composite indexes each fell by 0.4%.
Three other economic reports showed a weak start to the second quarter:
- Factory activity grew at a slower pace in March as the Institute for Supply Management’s manufacturing index fell to 51.5 from 52.9 in February. This is the index’s fifth straight monthly drop.
- Construction spending in February fell 0.1% after dropping 1.7% in January the government reported.
- Sales declined for most automakers in March. Ford sales fell 3.4% and General Motors sales dropped 2.4%.
How much longer do you think the bull market in stocks will last Are you prepared for a possible correction or crash Consider protecting and diversifying your portfolio with physical gold. Gold traditionally performs well when other markets are suffering making it a great hedge against stock market chaos. Call American Bullion today at 1-800-326-9598 to speak with a specialist about adding physical gold coins and bars to your retirement account or making a cash purchase for secure delivery to your home. You may also request a Free Gold Guide for more information.
Photo: “Shiny gold bar reflecting coins” by Bullion Vault via Flickr used under a Creative Commons license
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