Gold futures headed for a third straight loss on Friday as a benchmark Treasury yield gained altitude and stocks traded near record territory, drawing demand away from haven bullion.
Gold for June delivery GCM9, -0.36% on Comex was off $2.30, or 0.2%, at $1,292.30 an ounce, after settling lower in the past two sessions. Meanwhile, May silver SIK9, -0.16% added 2 cents, or 0.1%, to $15.10 an ounce, reversing a similar skid in the previous session.
For the week, gold is headed for a weekly slide of 0.5%, while silver is on track to shed 0.1%, according to FactSet data, based on the most active contract.
Commodity investors were awaiting a March employment report, due at 8:30 a.m. Eastern Time, to help determine if the U.S. was joining the rest of the world in an economic slowdown. The February report showed that the U.S. added a disappointing 20,000. Economists surveyed by MarketWatch produced a consensus forecast for the creation of 179,000 new jobs last month.
“Gold will rise only if March nonfarm payrolls comes in below 160,000 and previous month numbers are not revised upward,” Chintan Karnani, chief market analyst at Insignia Consultants, told MarketWatch.
Trade for precious metals has been trending lower as stocks have been more buoyant, with the Dow Jones Industrial Average DJIA, +0.64% the S&P 500 index SPX, +0.21% and the Nasdaq Composite Index COMP, -0.05% trading not far from records, amid supportive factors including optimism around a U.S.-China trade pact.
But economic fears of economic contraction and exogenous political events, like Britain’s troubled attempts to exit from the European Union, an event that could roil markets if it cannot be done in an orderly fashion, has kept any slide in gold in check, market participants