Gold prices enhanced somewhat, with COMEX Gold Futures rebounding from its previous day low of $1292.75 (as on 3rd April 2019). However, the prices are still below the level of $1300. The factor which supported the gold prices is the weak job creation in the U.S. economy.
The U.S. ADP Non-Farm Employment Change declined to 129k for March 2019, against the market expectations of 184k and 197k as reported in the previous month. The decline in job creation, which marks a basic building block of an economy, concerned the market participants, and in turn, supported the gold prices.
The Dollar Index (DXY) adjusted quickly over the weak ADP Non-Employment Change and marked a decline from 97.322 (Day’s High on 3rd April) to the level of 96.96 (Day’s low on 3rd April).
The slight fall in dollar index supported the gold prices; however, the optimism among the market participants over the previous strong data and waiting for further clarification on Unemployment claims prevented any sharp gain in gold prices.
The failure of gold prices to mark a significant up-rise despite weak job creation data led the gold miners of the Australian Stock Exchange to trade on a negative note.
Below are some of the junior gold miners on ASX which soared on ASX:
Sipa Resources Limited (ASX: SRI) fell initially after opening the day’s session at A$0.007 till A$0.006, before ending the session on a positive note at its day’s high of A$.0.008, up by 14.29% as compared to its previous close.
Another junior miner Cardinal Resources Limited () ended the day’s session on a positive note at A$0.355, up by 1.43% as compared to its previous close. The share prices of the company rose to mark the day’s high of A$0.360.
Below are the significant gold miners on the ASX:
Newcrest Mining Limited (ASX: NCM), fell to register a day’s low at A$24.530. The share prices of the company dropped soon after marking its opening at A$25.100 towards the respective low, before ending the day’s session at A$24.600, down by 2.5% as compared to its previous close.
Evolution Mining Limited (ASX: EVN) marked an opening of A$3.580 and dropped to mark the day’s low at A$3.520, before recovering and ending the day’s session at A$3.570, unchanged as compared to its previous close.
St Barbara Limited (ASX: SBM) shares started the day at A$3.300, which also marked the day’s high for the share prices and share prices plunged to mark the day’s low at A$3.220, where the stock ended its day, down by 2.13% as compared to its previous close.
Australian Gold Miners traded on a mixed note and followed the same trend for two-days in a row.
On the data front, the market participants are eyeing on the U.S. Weekly Unemployment Claims to reckon further the impact of falling job creation, which is due for 4th April 2019. Apart from the economic data, the investors and speculators are closely monitoring the development in the U.S-China relation and ongoing rounds of trade talks on the the bilateral disagreement between the two significant economies of the globe.
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