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In light of the uncertainty surrounding most of the economic sectors, the focus of investors is shifting towards non-farm employment numbers to obtain more evidence.
By 17:34 GMT, the spot price of gold was up 1.72 percent to $ 1714.68 an ounce, after earlier hitting a one-week high of $ 1719.59.
Meanwhile, US gold futures rose 2.1 percent to $ 1724.50, Reuters reported.
“(Figures) released high unemployment … it might suggest to people that they are continuing to search for safe treatment,” said Michael Matusk, Trading Director of US Global Investors.
Millions of other Americans applied for unemployment benefits last week, indicating that layoffs from sectors with direct consumer contact have expanded to other sectors of the economy, which may continue at elevated levels even as efforts to resume activities in parts of the country.
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In light of the uncertainty surrounding most of the economic sectors, the focus of investors is shifting towards non-farm employment numbers to obtain more evidence.
By 17:34 GMT, the spot price of gold was up 1.72 percent to $ 1714.68 an ounce, after earlier hitting a one-week high of $ 1719.59.
Meanwhile, US gold futures rose 2.1 percent to $ 1724.50, Reuters reported.
“(Figures) released high unemployment … it might suggest to people that they are continuing to search for safe treatment,” said Michael Matusk, Trading Director of US Global Investors.
Millions of other Americans applied for unemployment benefits last week, indicating that layoffs from sectors with direct consumer contact have expanded to other sectors of the economy, which may continue at elevated levels even as efforts to resume activities in parts of the country.
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