Traders digest a spate of economic reports
Bullion prices ended lower at Comex on Tuesday, 03 March 2015. Gold futures rang up a consecutive loss on Tuesday as investors digested a spate of economic reports from a busy week of economic indicators, which culminates with the Friday jobs report. It's a quieter market place so far this week. Traders and investors are starting to look ahead to Friday's U.S. jobs report, which is arguably the most important economic report of the month.
Gold for April delivery fell by $3.80, or 0.3%, to settle at $1,204.40 an ounce on Comex.
May silver settled down 15.5 cents, or 0.9%, to $16.296 an ounce after a 0.7% loss a day earlier.
The key outside markets were in a mildly bullish posture for the precious metals Tuesday, as the U.S. dollar index was modestly weaker and crude oil prices were modestly higher. Such did somewhat limit downside price pressure on gold and silver markets.
In overnight news, European stocks were lifted in part from an upbeat retail sales report coming from Germany. Retail sales in the biggest economy in the European Union were up 2.9% in January, year-on-year. However, there was another worrisome report on the deflation front coming out of the EU, as its producer price index was down 0.9% in January from December, and down 3.4% year-on-year.
More economic indicators are on the horizon this week. The U.S. will see the release of the Federal Reserve's Beige Book after gold trading on Comex closes on Wednesday. Weekly jobless claims, fourth-quarter productivity and January factory orders are due Thursday and the monthly nonfarm payrolls report will be released on Friday.
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